- The value of WIF increased by more than 2%.
- More than 200,000 whales have been accumulated so far.
dog hat [WIF] was one of the biggest losers over the past week, experiencing a significant price decline. Despite this downturn, there has been significant accumulation from certain wallets, demonstrating investor confidence and strategic buying amidst the decline.
Whales accumulate canid caps
According to data from look on chain, a newly created wallet recently withdrew $1.8 million worth of USDC from Coinbase. This wallet then used 606,000 USDC to purchase 227,896 Dogwifhat at approximately $2.66 per token.
Accumulation is ongoing and the wallet still holds approximately 1.2 million USDC.
This purchase is noteworthy as WIF has been trending significantly lower over the past 7 days, making this trade a bullish move despite the recent drop.
WIF maintains bearish trend
Analyzing the price trend of Dogwif Hut on the daily time frame, WIF experienced an uptrend only once in the past 7 days. This occurred on May 15th, when the price increased by 9.50% and traded above $3.
But it has since declined, dropping almost 1% before reaching around $2.50 by May 19th. As of this writing, WIF is trading around $2.60, reflecting a 3% increase.
Source: TradingView
Additionally, Relative Strength Index (RSI) analysis showed that the price trend over the past few days has been negative. The RSI fell below the neutral line, indicating a bearish trend.
The only time WIF was clearly above the neutral line in the past few weeks was on May 15th, when it rose more than 9%. Since then, it has remained below the neutral line.
WIF is expected to continue liquidation over a longer period of time
Coinglass’ analysis of Dogwifhat liquidation trends shows an increase in long position liquidations over the past few days.
This indicates that traders who expected WIF’s price to rise have had their positions wiped out due to the recent price decline.
Between May 18th and 19th, over $2.3 million in long positions were liquidated.
Source: Coinglass
Realistic or not, WIF’s market capitalization in BTC terms is as follows
At the time of writing, the recent upward trend in WIF prices had led to an increase in the liquidation of short positions.
Given that Whale Wallet’s cumulative WIF is approximately $2.66, a drop below this price range would result in losses on these holdings.
