Meme coins are bouncing higher, looking astatine CoinMarketCap data arsenic of September 27. Dogecoin, the world’s largest meme coin by marketplace cap, is up 16% implicit the past trading week. Shiba Inu and Pepe rallied successful the aforesaid period, adding 37% and 27%, respectively.
The enlargement of meme coin prices has besides been a roar to DogWifHat (WIF). Solana’s largest meme coin by marketplace headdress is up 14% connected the past day, pushing play gains to implicit 31%. At the existent valuation, WIF is the 4th astir invaluable coin, trailing Dogecoin, Shiba Inu, and Pepe.
DogWifHat Whale Accumulating, Meme Coin Soaring
Lookonchain information reveals that a meme coin whale accumulates arsenic WIF prices tick higher. Tracking the address’ movements, the largest WIF holder, information shows, appears to beryllium steadily accumulating.
By buying arsenic prices statesman to retrieve from their August and September lows, the determination is an endorsement of the meme coin’s imaginable successful the coming months.
On September 26, the whale borrowed 2 cardinal USDC and bought 894,854 WIF astatine $2.24. Adding to his stash, the code present controls implicit 32 cardinal WIF. This holding, Lookonchain analysts estimate, pushes the whale’s profits to implicit $86 million.
However, the whale’s borrowing of USDC and acquisition of WIF is not the archetypal time. Mid this week, the aforesaid code borrowed 4.5 cardinal USDC from Kamino and bought 2.55M WIF astatine $1.76.
Looking astatine this trend, it is evident that the whale expects prices to proceed printing higher highs. The regular illustration shows that the meme coin is picking up steam.
After sinking to March 2024 lows, the meme coin has recovered, doubling to spot rates. If WIF prices soar supra $2.8 and July highs, determination could beryllium much country for growth.
Ultimately, the medium-term people would beryllium $4.8, a level past printed successful March. However, for this to happen, WIF prices indispensable much than treble from spot rates.
Will WIF Follow Popcat And Register Fresh Highs?
The likelihood of WIF printing caller all-time highs successful the coming weeks oregon months cannot beryllium discounted. Popcat, different meme coin connected Solana, precocious broke higher, registering caller all-time highs supra $1. At spot rates, the token is up astir 120% successful Q3 2024, attracting involvement from whales.
After exiting for a loss, losing $611,000, Lookonchain information shows that the whale re-entered the Popcat market, spending $1.29 cardinal worthy of SOL to bargain 1.3 cardinal POPCAT astatine astir $1. From the regular chart, a adjacent supra $1 volition beryllium important successful sustaining the upside momentum.
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