Dog With Hat ($WIF) Price Surges Over 200%
The price of the meme-inspired cryptocurrency Dogwifhat ($WIF) has surged more than 200% over the past week, as the Solana-based memecoin outperforms the wider cryptocurrency market to now have a market capitalization near the $250 million mark.
WIF’s Price Rally and Its Future Potential
The cryptocurrency’s price rally saw it move to $0.25 per token at the time of writing, after surging around 60% in the last 24-hour period. The cryptocurrency, according to popular cryptocurrency analyst Bluntz, has recently made a “nice clean 5 wave rise” pattern.
Analysis of WIF’s Growth and a Significant Transaction
Bluntz uses Elliott Wave Theory, where a price trend is expected to unfold in five distinct waves, in his analysis, and called for a potential surge for up to $1 for WIF, mentioning he is accumulating the cryptocurrency as well. The surge comes at a time in which a whale spent 86,738 SOL tokens to buy 17.2 million WIF tokens.
WIF Token Surge and Whales’ Investment in It
According to on-chain analysis service Lookonchain, the whale’s name and token acquisition suggests WIF could soon be listed on leading cryptocurrency exchange Binance. This transaction was carried out in a pool with low liquidity, which led to a significant price rise to fill in the order.
Impact of the Recent Transactions on WIF
This led to a slippage loss exceeding $5.7 million for the trader. In trading, slippage refers to the discrepancy between the anticipated price of a trade and the actual execution price. Some market analysts have speculated that this transaction might have been a promotional ploy to attract attention to $WIF, particularly in light of its recent price drop.
Hot Take: $WIF’s Growth and Potential
The surge in price of Dogwifhat’s WIF token has seen it attract significant interest from both retail traders and whales, pointing to potential future growth, but with some risks involved due to liquidity issues.
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