A 'Smart Whale' Withdrawal of $15.87M in WIF Tokens Has Piqued the Interest of Market Analysts
- Patricia ArquetteOriginal
- 2024-11-11 00:58:12321browse
Withdrawing 6.9 million Dogwifhat (WIF) tokens, worth about $15.87 million, from Binance, a so-called "smart whale" made news.
A transaction involving meme coin WIF has grabbed the attention of market analysts and cryptocurrency enthusiasts. The so-called “smart whale” withdrew 6.9 million Dogwifhat (WIF) tokens from Binance, which were valued at around $15.87 million.
The whale’s strategic moves signal potential market influence. This is not the first time the whale has made a significant WIF movement.
According to Lookonchain, the whale strategically gathered 9.8 million WIF at an average price of $1.53 per token, collecting $15.05 million earlier this year between August 30 and September 2. They then liquidated the whole position at $2.35 per token on September 29, netting over $8 million.
Such behavior affects not just personal success but also the whole market, impacting sentiment and prices. Such a quick withdrawal of WIF tokens suggests that the whale might be preparing for another major deal or maybe protecting funds in a private wallet, a typical behavior among whales expecting changes in the market.
As a result, these exchanges have become a central focus for market players, many of whom see the whale’s approach as a window into possible future movements for WIF.
Moreover, well-known crypto analyst CryptoS6 has offered analysis on the WIF daily chart. The token price action is presently challenging a supertrend resistance around the $2.65 – $2.70 range, claims CryptoS6.
A big break above this resistance level may place WIF on a steady upward path by possibly starting a bullish rally. At $2.20, key support for WIF has been found, and this level has constantly held, suggesting a firm basis of buyer demand.
According to CryptoS6, WIF may be ready for a strong upward movement if trading volume rises dramatically, therefore drawing even more interest from institutional and individual investors.
Meanwhile, WIF is changing hands at about $2.52 at the time of writing. Over the last 24 hours, it has gained 1.68%, and over the last 7 days, it has increased impressively to 19.87%. The market cap of the coin exceeds $2.5 billion.
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