- WIF noticed an over 2% improve in worth.
- A whale has collected over 200,000 thus far.
dogwifhat [WIF] was one of many greatest losers previously week, experiencing vital value declines. Despite this downturn, there was a notable accumulation from a selected pockets, indicating some investor confidence or strategic shopping for amidst the dip.
Whale accumulates dogwifhat
According to information from Lookonchain, a newly created pockets not too long ago withdrew $1.8 million price USDC from Coinbase. This pockets then used 606,000 USDC to purchase 227,896 dogwifhat at roughly $2.66 per token.
The accumulation is ongoing, with the pockets nonetheless holding about 1.2 million USDC.
This buy is notable as a result of WIF had been experiencing vital downtrends over the previous seven days, making this commerce a bullish transfer regardless of the current declines.
WIF stays in a bear development
Analysis of the dogwifhat value development on a every day timeframe confirmed that WIF skilled an uptrend solely as soon as within the final seven days. This occurred on 15th May, when the worth elevated by 9.50% to commerce above $3.
However, it subsequently declined, reaching round $2.50 by 19th May after an nearly 1% drop. At the time of this writing, WIF was buying and selling at roughly $2.60, reflecting a 3% improve.
Source: TradingView
Additionally, the Relative Strength Index (RSI) evaluation indicated a poor value development over the previous few days. The RSI was under the impartial line, signaling a bearish development.
The solely time previously few weeks that WIF was clearly above the impartial line was throughout the over 9% improve on 15th May. Since then, it has remained under the impartial line.
WIF sees extra lengthy liquidations
Analysis of the dogwifhat liquidation development on Coinglass confirmed that lengthy positions have skilled extra liquidation previously few days.
This indicated that merchants who had been anticipating the worth of WIF to extend have had their positions worn out because of the current value declines.
Between the 18th and 19th of May, over $2.3 million in lengthy positions had been liquidated.
Source: Coinglass
Realistic or not, right here’s WIF’s market cap in BTC’s phrases
At the time of this writing, brief positions had been seeing extra liquidations because of the current uptrend in WIF’s value.
Given that the whale pockets collected WIF at round $2.66, a fall under this value vary would end in a loss for these holdings.