On May 20, 2024, the majority of Solana-based tokens, including Solana (SOL), are experiencing significant upside momentum. Amid this, the recently launched Solana-based meme token Dogwifhat (WIF) has gained massive attention as it has soared significantly in the last 24 hours.
Why WIF token price is increasing?
The primary reason behind this massive price surge of WIF is whale activity. In the last 24 hours, a whale created a new wallet and withdrew over 1.83 million USDC from the United States’ largest cryptocurrency exchange, Coinbase. This whale wallet address, CecqR7, initially spent 606K USDC to buy 227,896 WIF tokens at an average price of $2.66.
However, at the time of writing, this whale holds over 496.8K WIF tokens worth $1.35 million. This significant accumulation of WIF tokens occurred following the opening of the US market, according to Solscan data.
With this massive accumulation, WIF is currently trading near $2.74, and in the last 24 hours, it experienced a price surge of over 10%. Looking at the performance of WIF over a longer period, it has struggled in the last 7 days, with its price falling more than 10%. In the last 30 days, the WIF token price has remained relatively stable, with a slight 3% drop.
WIF technical analysis and key levels
According to expert technical analysis, WIF is looking bullish and could surge more than 25% in the coming days, potentially reaching the $3.4 level. This recent massive price surge occurred just after the WIF token reached a strong support level. Historically, whenever the WIF token has taken support at this level, it has surged by 20% to 25%, which may happen again in the coming days.
In contrast, another Solana-based meme token, BONK, saw a price drop of over 4% in the last 24 hours. Meanwhile, PEPE, another top meme coin, experienced a decent price surge of over 3% in the same period. These value highlights indicate strong interest from investors and traders in WIF tokens compared to other meme coins.
