The cryptocurrency market has taken a hit as the price of Dogwifhat (WIF) dropped significantly after a massive sell-off. On Friday, a large holder known as a whale sold 850,000 WIF tokens, resulting in an over 15% decline in value within a single day. Reports indicate that this transaction brought the whale around $7.5 million in profits.
How Did the Whale’s Sale Affect WIF?
As detailed by blockchain analytics firm Lookonchain, the whale’s sale occurred on November 15, trading 850,000 WIF for 15,987 SOL. The wallet responsible for this sale has been identified as 3cBB2Z. Despite offloading a large quantity of tokens, this whale still holds onto 50,000 WIF tokens.
What Other Tokens Are Being Traded?
In addition to WIF, the whale has capitalized on another token, PNUT, purchasing 1.74 million for 3,800 SOL and potentially netting $2.07 million in profit. The whale’s investment portfolio also includes tokens like GIGACHAD (GIGA) and Chaos and Disorder (CHAOS).
The recent activity has sparked a series of concerns in the market, including:
- WIF’s price dropped to $3.54 after a 16% decline.
- Trading volume decreased by 48%, now at $1.99 billion.
- Open interest in WIF futures fell by 19%, down to $609.02 million.
Despite the current slump, some market analysts remain hopeful for a recovery in the cryptocurrency sector, especially as the U.S. election results may provide a boost. CoinGape Media suggests WIF could reach new heights in the coming months.
The market remains vigilant regarding WIF’s trajectory, emphasizing the importance for participants to stay informed and cautious. The token’s future could play a pivotal role in shaping broader market trends.
