Dogwifhat (WIF) is on a roll, surging 8% on the day and a remarkable 26% over the past week, closely mimicking the gains of its rival Shiba Inu (SHIB). This surge is driven by a combination of factors, including a major whale’s recent investment and significant outflows from Binance.
On-chain data provider Lookonchain reveals a major WIF holder borrowed $2 million worth of USDC from the Solana DeFi protocol Kamino to purchase 894,854 WIF tokens at $2.24 each. This move catapulted their WIF holdings to an impressive $71 million, representing 32.1 million tokens. This whale has already seen their investment grow significantly, having made a total profit exceeding $86 million.
Adding fuel to the fire, crypto trader Rekt Capital observed a multi-month downtrend break for WIF, positioning the meme coin at the precipice of a new macro uptrend. Unipcs echoes this sentiment, stating that the main move for Dogwifhat has not yet materialized. The trader shared, “$WIF continues to look really incredible here and has so far outperformed almost every other major memecoin…the interesting thing is that the main move isn’t in for WIF yet, get ready.”
Further bolstering the bullish sentiment, crypto trader Gumshoe has reported a significant inflow of WIF into self-custody wallets from Binance users. Over the past seven days, Binance has seen approximately $35 million worth of WIF transferred out. Gumshoe emphasizes that “when you see outflows from exchanges, people are buying and take self-custody.”
The optimism surrounding WIF is not limited to these developments. Another trader believes WIF could mirror its February surge and potentially skyrocket by 1,600% in the next 48 days, triggered by a bullish indicator.
The combination of whale activity, Binance outflows, and bullish trader sentiment has propelled Dogwifhat to the forefront of the memecoin landscape. With potential for further gains, WIF is attracting significant attention in the cryptocurrency market.
