DogWifHat Whale Doubling Down, Buys More WIF: All-Time High Incoming?

Dalmas Ngetich

8 months ago

3 mins read

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Meme coins are bouncing higher, looking at CoinMarketCap data as of September 27. Dogecoin, the world’s largest meme coin by market cap, is up 16% over the last trading week. Shiba Inu and Pepe rallied in the same period, adding 37% and 27%, respectively.

The expansion of meme coin prices has also been a boom to DogWifHat (WIF). Solana’s largest meme coin by market cap is up 14% on the last day, pushing weekly gains to over 31%. At the current valuation, WIF is the fourth most valuable coin, trailing Dogecoin, Shiba Inu, and Pepe.

DogWifHat Whale Accumulating, Meme Coin Soaring

Lookonchain data reveals that a meme coin whale accumulates as WIF prices tick higher. Tracking the address’ movements, the largest WIF holder, data shows, appears to be steadily accumulating.

By buying as prices begin to recover from their August and September lows, the move is an endorsement of the meme coin’s potential in the coming months.

On September 26, the whale borrowed 2 million USDC and bought 894,854 WIF at $2.24. Adding to his stash, the address now controls over 32 million WIF. This holding, Lookonchain analysts estimate, pushes the whale’s profits to over $86 million.

DogWifHat whale accumulating | Source: @lookonchain via X

However, the whale’s borrowing of USDC and purchase of WIF is not the first time. Mid this week, the same address borrowed 4.5 million USDC from Kamino and bought 2.55M WIF at $1.76.

Looking at this trend, it is evident that the whale expects prices to continue printing higher highs. The daily chart shows that the meme coin is picking up steam.

DogWifHat prices trending upward on the daily chart | Source: WIFUSDT on Binance, TradingView

After sinking to March 2024 lows, the meme coin has recovered, doubling to spot rates. If WIF prices soar above $2.8 and July highs, there could be more room for growth.

Ultimately, the medium-term target would be $4.8, a level last printed in March. However, for this to happen, WIF prices must more than double from spot rates.

Will WIF Follow Popcat And Register Fresh Highs?

The likelihood of WIF printing new all-time highs in the coming weeks or months cannot be discounted. Popcat, another meme coin on Solana, recently broke higher, registering new all-time highs above $1. At spot rates, the token is up nearly 120% in Q3 2024, attracting interest from whales.

After exiting for a loss, losing $611,000, Lookonchain data shows that the whale re-entered the Popcat market, spending $1.29 million worth of SOL to buy 1.3 million POPCAT at around $1. From the daily chart, a close above $1 will be crucial in sustaining the upside momentum.

Feature image from iStock, chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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