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Dogwifhat's (CRYPTO: WIF) largest holder, already more than $68 million in profit, is accumulating the meme coin as traders predict a breakout.
What Happened: Lookonchain data shows an anonymous investor, Dogwifhat's largest holder, actively increasing his WIF holdings. Over the past three days, the whale deposited 21.9 million WIF (worth $35.48 million) into Kamino, a popular decentralized finance (DeFi) platform.
Following the deposit, the whale borrowed 3.24 million USDC (CRYPTO: USDC), a stablecoin pegged to the U.S. dollar, and spent 2.7 million USDC to purchase almost 1.8 million WIF.
This is not the first time this whale has made significant moves in the WIF market. Between Dec.13 and Dec.15, 2023, the investor spent $226,000 to buy 19.86 million WIF at $0.0114 per token. Following this, the whale registered a domain named "binance-insider.sol" and spent 86,738 SOL (worth $8.92 million) to buy 17.23 million WIF in a single transaction.
The investor currently holds 27.2 million WIF, valued at $44.36 million, with a total profit exceeding $68 million.
Also Read: Floki Listed On Bitstamp, ‘Poised To Follow Dogecoin’s Movements,’ States Trader
Why It Matters: The whale's recent activities indicate a strong belief in the potential of Dogwifhat. Such large-scale investments can significantly influence the price and liquidity of a meme coin.
Influencer Crypto School sees Dogwifhat as the "main meme coin" and is expected to reflect "immense strength." The price of $1.5 is seen as crucial support. "It has also confirmed a higher low, which is a bullish sign," the influencer added, marking entry levels at $1.55, take profit at $1.72 and $1.9, and a stop loss at $1.3.
Crypto trader Greeny Trades predicts a breakout in the coming months and suggests watching for long opportunities.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image created using artificial intelligence with Midjourney.
Posted In: $USDC
