In the face of a broader market downturn, meme cryptocurrencies such as Shiba Inu, Dogecoin, Pepe coin, and Dogwifhat have experienced notable surges in value, with some tripling their worth in just two weeks. This growth has occurred despite widespread sell-offs in other markets, showcasing the meme token sector’s resilience and ability to sustain higher prices.
Resurgence of Dogwifhat and Market Fluctuations
Dogwifhat, a Solana-based meme token, has notably rebounded since February, aligning with an increased interest in the meme token market. Following a 151% increase from its low of $0.081, the token’s price is now at $0.158. The listing of Dogwifhat on Binance, the leading global cryptocurrency exchange by volume, earlier this week, provided additional thrust to its price trajectory. Nonetheless, as Bitcoin encounters resistance at higher prices, prompting supply pressure at $69,000, the WIF token has undergone a correction, descending from $2.3 to a trading price of $1.88, and is now testing the 23.6% Fibonacci retracement level. Should the selling pressure persist, it could potentially reach down to support levels of $1.5 or $1.28.
Spotlight on Whale Transactions
Recent analysis by Lookonchain revealed two substantial whale transactions within the WIF market. The first transaction involved an acquisition of 1.82 million WIF tokens at $1.69 each, totaling $3.06 million, by the wallet address 87Hnwj. Another transaction saw a different whale, identified as GjRacG, purchasing 1.15 million WIF tokens at $1.67 per token, amounting to $1.93 million. The combined value of these transactions, amounting to 5 million dollars for nearly 3 million WIF tokens, underscores investor confidence in the token’s prospects and Whale’s strategic market positioning, potentially signaling bullish sentiment for WIF’s future valuation.