Recently, there has been a significant accumulation of dog food tokens, totaling a value of $4.6 million. The address responsible for accumulating these tokens is the largest holder.
Recently, dogwifhat[WIF] experienced a substantial accumulation from a well-known whale address, which aligns with the positive trend in its price over the past two days.
However, the excitement seen in the direct market trading does not seem to be reflected uniformly in the derivatives market.
Increase in WIF Whale Activity
Recent data from Lookonchain reveals that a whale address has made significant progress in the dog hat market. The address invested $4.65 million to purchase 2.3 million WIF tokens, with each token priced at over $2.
This recent acquisition has made the address the holder of the largest number of meme coins.
With this latest purchase, the address now holds a total of 23.39 million WIF tokens, worth over $49 million. At the time of writing, the holdings of the address have gained considerable profits of over $83 million.
Such significant activity from a whale can potentially have a significant impact on market dynamics, affecting token prices and investor sentiment.
It also highlights the role of large holders in shaping trends.
Decline in WIF Accumulation
Analysis from AMBCrypto indicates that despite the accumulation of WIF tokens by the whale address at around $2, there has been a slight decline in the market price.
At the time of writing, the trading price of WIF is around $1.9, experiencing a decline of over 2%.
In the previous trading day, the token saw a substantial increase, trading above $2 after a rise of over 11%. This increase built upon a previous surge of over 15% on June 23, pushing the price to $1.8.
Despite these recent upward trends, WIF remains in a bearish trend. The relative strength index (RSI) is below the neutral line, supporting this assessment.
While the RSI indicates a bearish trend, it also suggests that with the recent price increase, this trend has weakened, indicating a possible shift in momentum or investor sentiment.
Slow Trend in Derivatives
AMBCrypto’s research on the public interest in WIF shows that the market conditions are relatively stable with minimal changes.
At the time of writing, the open interest in contracts is approximately $260 million, slightly higher than the previous trading day’s $246 million. This modest increase suggests a somewhat stagnant level of market activity for WIF derivatives.
Additionally, the weighted funding rate has slightly increased, indicating marginal changes in market dynamics.
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However, the overall stability of this rate in recent days suggests a lack of significant driving force or shift in trader sentiment.
These indicators suggest that while sellers continue to dominate the market, their activity has recently weakened, reflecting a period of consolidation or a lack of strong market dynamics.