Whale Investor Doubles Down on Dogwifhat Amid Growing Interest

• The largest WIF holder, with over $68 million in profit, continues to expand their position in the token.
• Despite earlier declines, interest in Dogwifhat is gradually resurging, signaling a potential market recovery.

The largest holder of Dogwifhat (WIF), who has already profited over $68 million, is increasing their stake in the meme coin. This whale, a major player in the WIF market, continues to express strong belief in the token’s prospects.

Whale Investor Continues Strategic Accumulation with Massive WIF Purchases

According to Lookonchain, just a few days ago, this investor made a significant move by putting 21.9 million WIF into Kamino, worth around $35.48 million.

The whale borrowed 3.24 million USDC and utilized 2.7 million of it to buy around 1.8 million more WIF. This decision demonstrates their continuous commitment to increasing their holdings in WIF, which reinforces their long-term plan.

The largest holder of $WIF, with over $68M in profit, is buying more and going long on $WIF!

In the past 3 days, he deposited 21.9M $WIF($35.48M) into #Kamino and borrowed 3.24M $USDC, then spent 2.7M $USDC to buy ~1.8M $WIF!

This whale spent $226K to buy 19.86M $WIF at only… pic.twitter.com/4iXzJPlT8s

— Lookonchain (@lookonchain) August 23, 2024

Furthermore, the whale has made such huge migrations before. Between December 13 and December 15, 2023, they spent $226,000 to purchase 19.86 million WIF at a price of $0.0114 per token.

Following this acquisition, it registered the domain “binance-insider.sol” and went on to buy a further 17.23 million WIF in a single transaction, spending an astonishing 86,738 SOL, or $8.92 million.

These acts increased their total WIF holdings to a remarkable 27.2 million tokens, which are currently valued at $44.36 million. The whale’s strategic purchases and accumulation of WIF have resulted in a cumulative profit of almost $68 million, demonstrating its strong belief in the token’s future possibilities.

Previously, as we reported, Dogwifhat (WIF) encountered severe hurdles, including a steep drop in social engagement and investor interest following its high between March and April.

By August, the outflow of WIF tokens had increased, resulting in a price reduction and a significant deterioration in investor mood. However, in recent days, there appears to be a gradual increase in interest and confidence in the token, which could indicate a turning point.

Adding to the optimism, a famous cryptocurrency analyst recently predicted that Dogwifhat might reach $3, showing high bullish potential.

WIF is currently trading at $1.83, up 13.66% over the last 24 hours, with a daily trading volume of $517.30 million. Despite lagging POPCAT, which led the top gainers with an increase of more than 28% in the same period, both tokens continue to dominate the meme coin market.