Whale moves 12.66 Million WIF to Binance as Dogwifhat drops 30%
Lookonchain reveals that a significant transaction occurred, as an whale transferred a colossal sum of 12.66 million WIF, estimated to be worth around $23.4 million, to the Binance platform. This hefty deposit of WIF into Binance was executed through two separate transactions. Such an action typically signals a readiness to sell, whereas pulling funds out might indicate an intention to purchase.
The transaction of 12.67 million WIF to Binance stands out, not just for its magnitude but also for its timing, which aligns with the current unstable market terrain.
This hefty transaction occurs as the Solana-native meme token, Dogwifhat, faces a downturn, showing a 7% depreciation in value within the last day and a stark 35% decline over the previous week.
This downturn in Dogwifhat's market value mirrors the overarching pessimistic mood within the marketplace, highlighted by Bitcoin's fall to a low not seen in over a month, amidst a dearth of new market catalysts to maintain its awe-inspiring rally this year.
The Solana originated meme token, Dogwifhat (WIF), has witnessed a significant drop over the last day under renewed bearish market conditions.
WIF's value has been on a downturn since hitting a peak of $4.07 on May 29. Following a continuous sell-off, WIF has seen its value diminish for six consecutive days starting from June 17.
As of this writing, WIF's trading price has dipped to $1.68, marking a 3% decline within the past hour and a total 7% fall over the last 24 hours. Should today end in the negative, WIF would register its seventh consecutive day of losses. Presently, the Solana-based meme token has tumbled 35% on a weekly scale.
Other Solana-based meme tokens also experienced declines over the previous week, with BONK dropping 17.58%, and Book of Meme (BOME) falling by 15%.
The downturn in Solana meme tokens corresponds with Solana’s negative trajectory over the past week; Solana is the lone cryptocurrency among the top 10, aside from Dogecoin, to have its price reduced by nearly 10% over the last seven days.
