Dogwifhat (WIF) Price Drops After a Whale Transferred Millions of Tokens to Binance

Memecoins are in red this week as most sectors of the crypto market struggle. Dogwifhat (WIF) has not been the exception. The memecoin sensation of Q1 saw a

Dogwifhat (WIF) saw a significant price drop following the movements of a whale. Recently, an address transferred millions of WIF to a crypto exchange, which ignited speculation about who was behind the transaction.

According to reports on Friday, one of the top dogwifhat holders transferred millions of the memecoin to the largest crypto exchange. The whale moved 5.97 million WIF, valued at around $11 million, to Binance on June 21. Additionally, the address offloaded 48 million Trump Coin (DJT), approximately $500,000, in the transaction.

After the news broke, the crypto community began speculating on the identity of the person responsible for the transfer. Some users claimed that the whale was crypto trader Ansem, who was very vocal about WIF. The trader was also part of the Las Vegas Sphere project, where users donated around $700,000 to project the token’s image in the Sphere.

Users on X criticized Ansem for the alleged deposit, expressing their disappointment in his “capitulation.” Some users took the opportunity to express their discontent with the trader for “grifting and dumping on investors.”

The discussion sparked an important conversation: should Key Opinion Leaders (KOLs) be restricted from moving their money? One user pointed out that Ansem, and all KOLs, are free to do what they want with their money. The user claimed that KOLs are subjected to criticism no matter what they do.

“When people sell before you do, they are "jeet". When KOLs sell some of their holdings or even move it around, they are "pump and dampers".”

Several community members agreed and questioned if KOLs are “obligated” to hold a token until investors are happy with their profits. However, others argue that community members are “arbiters” of traders’ reputations.

Despite the rumors, online reports suggest the wallet is not linked to the crypto trader. After deep-diving into the address, a community member found that the address was not associated with Ansem.

The post notes that the only reason it was linked to the trader was the large WIF balance and many Solana memecoins. However, the address has a record of selling their token at a loss “to FOMO into new shiny stuff.” Furthermore, the wallet seems to be linked to a now-deleted X account. At the time of writing, the trader has not acknowledged the rumors.

After the reports, WIF’s price dropped from the $1.90 to the $1.80 price range. On the last day, the memecoin plunged from the $2.15 mark, representing a 13% decrease.

News source：https://www.kdj.com/cryptocurrencies-news/articles/dogwifhat-wif-price-drops-whale-transferred-millions-tokens-binance.html

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