The recent market pump has boosted many sectors in the cryptocurrency market. Fueled by the return of Roaring Kitty, parts of the memecoin sector have seen remarkable gains over the past week, with leading tokens such as Pepe (PEPE), Popcat (POPCAT), and Dogwifhat (WIF).
Due to its recent performance, some analysts are predicting a fresh boost for WIF soon, with some whales loading their bags with a dog-themed token.
Whales put on hats
The price of Dogwifhat increased following Roaring Kitty’s return, reaching $3.25, prompting the whales to fill their bags. However, price fluctuations over the past week caused some immense investors to sell dog-themed Memecoin at a loss.
After the weekend drop in the WIF price, a whale appeared sold 1.7 million tokens at a loss to buy BONK and Donald Trump-inspired memecoin TREMP, the address initially bought WIF for $2.94 in March and sold it on Sunday for an average of $2.57.
Nevertheless, the price decline was seen as an opportunity for other immense investors. According to Lookonchain, the whale created a fresh wallet to buy Dogfight. On Monday, the wallet withdrew 1.83 million USDC from Coinbase to purchase a dog-themed token.
At the time of the report, the investor spent USDC 606,000 to purchase 227,896 WIF at USD 2.66. You have 1.22 million USDC left in your wallet to continue your shopping spree. A few hours later, the whale spent another 400,000 USDC to purchase 145,000 more tokens. As of this writing, the address shows a total WIF balance of 472,614, worth approximately $1.28 million.
Likewise another whale Created fresh wallet to buy a dog hat. According to reports, this whale used SOL to gain 1 million WIF worth approximately $2.53 million on Sunday. The address has since added more tokens to its bag, which currently holds 1.39 million WIF worth $3.8 million.
WIF ready for fresh ATH this month?
The recent whale activity apparently caused the token’s price to rise above $2.7, hovering between $2.7 and $2.73 in the following hours. The surge represents a 10.4% gain in the last 24 hours.
Despite its recent performance, the token continues to record red numbers on longer time frames. WIF price decreased by 8.3% and 14.8% on a weekly and bi-weekly basis. Moreover, its daily trading volume has seen a significant decline of 21.6% in the last 24 hours.
Nevertheless, market observers believe that the dog sensation still has its hat on this cycle. Crypto trader Scient has identified a bull pennant pattern on the WIF chart.
According to the trader, the token continues to consolidate inside the pattern. The token’s performance showed “another bullish sign that consolidation will end soon” after a higher high followed by a lower high.
Similarly, Ansem, a popular trader and figure in the cryptocurrency world, suggested that WIF may be preparing for fresh highs.
Does he think the dogfight will hit a fresh all-time record (ATH) along with Solana (SOL) by the end of the month? The breakout will end “a 3-month period of bullish consolidation following the recent rally,” coinciding “with BTC’s bullish trend.”
Featured image from Unsplash.com, chart from TradingView.com
