dogwifhat: Is now the time to buy? WIF whales drop major hints

• Largest WIF holders adds another $1M worth of tokens.  
• Now might be the best time to buy some WIF, market indicators say! 

dogwifhat [WIF] quickly attracted investor interest, becoming one of the top memecoins by market cap. With a yearly return on investment exceeding 816%, WIF continues to enjoy significant whale activity.

The largest WIF holder recently borrowed 1.4 million USDC, using 1 million USDC to purchase 643,832 WIF at $1.55, following a previous purchase of 800,556 WIF worth $1.54 million at $1.92.

This whale held 28.66 million WIF at press time, valued at $44.13 million, with a profit of $65.6 million, raising curiosity among traders looking to replicate this success.

Source: Lookonchain

WIF shows strength against other top-cap memes

With memecoins, whale activity drives them, WIF’s current market retracement after hitting $2 raises the question of whether now is a good time to buy.

In the summer of 2024, WIF consistently made higher lows against competitors like Pepe [PEPE] and Bonk [BONK], suggesting it may be one of the top performers this cycle.

The WIF/PEPE pair was consolidating at press time, with tightening Bollinger Bands signaling a potential breakout.

Source: TradingView

While WIF’s price action places it in a strong buying position, caution is advised if the price breaks to the downside.

Despite this, WIF;s relative strength, compared to other memecoins, indicated that it could outperform once market conditions improve.

Holding all three—WIF, PEPE, and BONK—could be a strategic move, but WIF resilience makes it a particularly compelling choice.

Liquidation levels

Analyzing WIF technical chart and surging whale activity reveals critical liquidation levels essential for traders.

Key liquidity clusters exist below the $1.5 price level and above $2, marking these as crucial zones for entering or exiting WIF positions.

Another larger cluster of liquidity sits around the $3 level and just above $3.5 price mark.

Source: Coinglass

These levels are pivotal for making informed trading decisions, and traders should closely monitor them for potential price movements. Keeping an eye on these points can help navigate WIF price action effectively.

Altcoin correlation with Bitcoin

WIF continues to show a positive correlation with Bitcoin in terms of dynamics, following BTC’s movements closely.

Read dogwifhat’s [WIF] Price Prediction 2024–2025

Popular analyst Joao Wedson highlighted that altcoins, including WIF, were still moving in unison with Bitcoin, suggesting that WIF could benefit from Bitcoin’s success when market conditions improve.

Source: CryptoQuant

This correlation positions WIF well for potential gains, making now a strategic time to consider buying WIF.