Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Whales take profit on WIF holdings, meme coin wipes out nearly 20% gains from May top

Source Fxstreet

Whale wallets holding WIF have sold their holdings, taking profit while the meme coin is nearly 20% below its monthly high.
Whales accumulated WIF ahead of the meme coin’s climb to a high of $3.28 on May 22.
WIF could wipe out gains from Wednesday if profit taking persists.

Dogwifhat (WIF) price wiped out 20% gains since its May peak of $3.6799. The meme coin overcame resistance at $2.90 on May 22, the Solana-based asset could attempt another recovery as the category rallies in the past 24 hours.

Data from crypto price tracker CoinGecko, the market capitalization of Solana-based meme coins has climbed over 5% in the past 24 hours. The market cap is $8.75 billion on Thursday.

Whales book gains in SOL-based meme coin WIF

Crypto intelligence tracker Lookonchain identified whale accumulation of WIF tokens on May 22, prior to the surge in the meme coin’s price. On Wednesday, WIF rallied to a high of $3.28 on Binance.

While Ethereum-based tokens rallied in response to positive developments surrounding optimism of ETF approval, Solana-based meme coins have also reacted positively.

Investors accumulated WIF, per Lookonchain on May 22, whale wallets have started taking profits on Thursday.

Whale wallets identified as “37reKQ” and “8rWUUy” bought WIF worth nearly $2 million on May 22.

WIF is pumping!

We noticed 2 whales bought 701,668 $WIF($2.04M).

Wallet"37reKQ" spent 1.31M USDC to buy 453,877 $WIF at $2.89 2 hours ago and has an unrealized profit of $161K.https://t.co/OUYQOKx0tl

Wallet"8rWUUy" spent 4,036 $SOL($730K) to buy 247,791 $WIF at $2.95 in the… pic.twitter.com/up45IEJFgj
— Lookonchain (@lookonchain) May 22, 2024

Late on Wednesday, a whale sold 2.36 million WIF tokens for nearly 7.44 million USD Coin (USDC) at an average price of $3.155. Following the whale’s token sale, the meme coin wiped out its value by 6%.

A whale sold all 2.36M $WIF for 7.44M $USDC at an average price of $3.155 in the past 2 hours.

This caused the price of $WIF to drop from $3.25 to $3.05, a decrease of 6.2%.https://t.co/S9l5fo39L2https://t.co/OQJb6bHLVb pic.twitter.com/VRQ7x8gxXz
— Lookonchain (@lookonchain) May 22, 2024

Another large wallet investor sold 500,774 WIF for 1.47 million USDC, at an average price of $2.94. The trader sold WIF four times in total and realized profits each time.

A smart money sold all 500,774 $WIF for 1.47M $USDC at $2.94 4 hours ago.

This smart money traded $WIF 4 times in total and made money every time.

The win rate is 100% and the total profit is ~$2.3M!

Address:https://t.co/SClk1TrAGwhttps://t.co/mGmyxrVt2A pic.twitter.com/tPM0ZwgNj2
— Lookonchain (@lookonchain) May 23, 2024

WIF eyes return to May 22 top of $3.28

WIF set up its local top, May 2024 peak of $3.6799 on May 6. WIF produced lower highs and lower lows since hitting its monthly peak. There is a notable break in the trend on May 22 as price climbs to a high of $3.28.

The histogram bars of the Moving Average Convergence Divergence indicator have turned green, indicating an underlying positive momentum. On Wednesday May 22, MACD crossed over the signal line, supporting a bullish thesis for WIF.

The Solana-based meme token is likely to rally to its May 22 top and pile nearly 9% gains.

WIF

WIF/USDT 1-day chart

In the event of a correction, WIF could sweep liquidity at its May 19 low of $2.42. WIF could find support at its May 1 low of $2.2641, this level has been respected as support since mid-April.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Gold Price Forecast: Gold Eyes Key $4,400 Resistance as Falling Oil Prices Ease Inflation Pressure As of the Asian session on September 21, gold prices (XAUUSD) maintained high-level consolidation intraday today following a strong rebound last week, with the latest price trading around

Author TradingKey

Sep 21, Mon

As of the Asian session on September 21, gold prices (XAUUSD) maintained high-level consolidation intraday today following a strong rebound last week, with the latest price trading around

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

18 hours ago

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Popular Symbols