DogWeHat (WIF) price decline and huge profits for traders
The past week has seen a continued decline in DogWeHat (WIF) price, following the overall market trend. This decline has led to many investors selling their holdings for a profit, with one trader making millions in WIF.
DogWeHat Trader’s smart move
While most meme currency traders prefer to buy and sell assets quickly for quick profits, WIF holders have taken a different approach by playing the long-term game. An on-chain analytics account, LookOnChain, revealed that a trader sold a large amount of WIF on November 30, 2023, only to buy it back later.
The trader initially bought 14.53 million WIFs at $5,340 and sold them within 8 months, resulting in earnings of over $24 million.
Most of the selling pressure on WIF occurred in the past day, causing the meme coin to lose nearly 16%. This decline added to the losses from the previous week, totaling a 40% drop in WIF prices.
The potential rally of 35% due to a bullish double bottom pattern was hindered, with WIF currently trading at $1.69, far below the expected $3.18 price.
Solana Meme Coin and market decline
The Solana meme coin, once a market favorite, has also witnessed a sharp decline as the broader market tumbled. In the last 24 hours alone, Solana Meme Coin’s market capitalization dropped by 13.9% to $7.14 billion.
Other top coins like POPCAT and Book of Memes (BOME) have also experienced significant declines. POPCAT is down over 21%, while BOME has fallen by 12% in the past 24 hours.
Looking ahead, the decline in the Solana Meme Coin could trigger further selling, potentially impacting the coin’s popularity and value.
The information on the BeInCrypto website is published for informational purposes only and in good faith. Users are solely responsible for any consequences resulting from the use of this information. Additionally, some of the content is an AI translation of the original English article from BeInCrypto.
