YEREVAN (CoinChapter.com) — Dogwifhat (WIF) memecoin made a trader very rich! Notably, the cryptocurrency has exploded by over 3,200% after bottoming out at $0.067 in December 2023. In doing so, it brought home excessive profits for its top whales. That includes an anonymous trader who had bought 2.58 million WIF tokens for $310 during its price rally.
That Whale is Now Dumping His WIF Memecoin Holdings
According to data resource Lookonchain, the whale has recently started selling some of his WIF memecoin holdings. For instance, he sold 750,000 WIF for $1.21 million at $1.61 per token, profiting majorly from his early purchase, raking in approximately a million dollars in profit.
In other words, this trader does not see the point of holding his WIF memecoins anymore, suggesting a buying exhaustion among the token’s richest investors.
As of March 8, his wallet had 1.83 million WIF worth $2.91 million. The total profit amounts to 13,307% at $4.12 million.
Why is Dogwifhat Price Rallying?
Dogwifhat price has rallied primarily due to the prevailing bullish sentiment across the crypto market. Interestingly, other memecoins, including Pepe (PEPE), Dogecoin (DOGE), and Shiba Inu (SHIB), have also posted incredible gains in recent months.
Most crypto traders have turned bullish due to increasing capital inflows into Bitcoin exchange-traded funds (ETF) and its upcoming halving in April 2024. Their higher risk sentiment is reflective in the memecoin market rally.
Simply put, traders attempt to make maximum gains by utilizing memecoins’ underlying price volatility. That is why coins like Dogwifhat crypto have rallied a lot recently.
WIF memecoin has also rallied due to Robinhood’s decision to add Dogwifhat to their investment platform. This integration promises to bring more exposure for the token in the coming days or weeks.
Remember, in early February, the value of WIF went up by almost 30% because LeBron James, a basketball player for the Los Angeles Lakers, accidentally helped it. He was seen wearing a pink hat, which represents the token.
Will Dogwifhat Coin Drop in 2024?
Whales are selling Dofwifhat! In other words, they are securing profits, showing their intentions to stay out of the WIF memecoin market for a while. On-chain data reveals that they have been rotating memecoin profits into artificial intelligence tokens — and vice versa.
These statistics show an ongoing wait-and-watch strategy among crypto traders. Therefore, WIF price could boom in the future if Bitcoin and other top tokens continue to rise, given traders are not exactly cashing out their memecoin winnings entirely.
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