Date: Mon, Sept 02, 2024, 04:25 AM GMT
The cryptocurrency market has kicked off September with the same volatility that marked August. Bitcoin (BTC) dropped another 1.48% today, pulling the total cryptocurrency market capitalization down by 1.53% to $2.02 trillion over the past 24 hours.
Among the tokens feeling the pinch is Dogwifhat (WIF), a popular memecoin that has seen its price tumble by over 25% in the last few days. While this drop might worry some investors, it appears to have created an attractive buying opportunity for larger players.
In a notable move, a whale has been on a buying spree, snapping up 9.57 million WIF tokens, worth approximately $13.59 million, over the past four days. The transactions were tracked on both Binance and Bybit, according to data from Lookonchain.
A whale has accumulated 9.57M $WIF($13.59M) from #Binance and #Bybit in the past 4 days!https://t.co/4bnfADQpqG pic.twitter.com/To4yLQOS9F
— Lookonchain (@lookonchain) September 2, 2024
This isn’t the first time whales have shown interest in WIF. Just last week, on August 27, another significant purchase of 110,000 WIF tokens was reported. The recent accumulation suggests that despite the current price decline, some major investors see potential in WIF’s future.
As the broader market continues to fluctuate, it will be interesting to see if this whale activity signals a potential rebound for WIF or if further dips are on the horizon. For now, it’s clear that some are betting big on the memecoin’s recovery.