Largest WIF Holder Increases Holdings, Profits Soar Over $77M

• The largest Dogwifhat holder has spent 1.54M USDC to buy an additional 800,556 WIF, boosting their holdings to 28M WIF.
• WIF’s largest whale now holds $53.23 million worth of the token, with profits exceeding $77 million, showing strong confidence in the token.

The crypto market just saw another huge move from the largest holder of Dogwifhat (WIF), a whale who spent 1.54 million USDC to buy 800,556 WIF at a price of $1.92 per token. This transaction, which Lookonchain disclosed, demonstrates ongoing trust in the token despite recent market fluctuations.

The largest holder of $WIF spent 1.54M $USDC to buy 800,556 $WIF at $1.92 again!

This whale currently holds 28M $WIF($53.23M), and the profit on $WIF has exceeded $77M!https://t.co/MYA8tsXYpe pic.twitter.com/V37j7egQsI

— Lookonchain (@lookonchain) August 25, 2024

Whale’s WIF Holdings Surge Past $77M, Building on Previous Major Investment 

This whale currently has a remarkable 28 million WIF, which is worth around $53.23 million. The profit from this holding has already surpassed an astonishing $77 million.

This is not the first time the whale has made news. In our prior report, it was disclosed that the same whale borrowed 3.24 million USDC, 2.7 million of which was used to purchase around 1.8 million WIF.

At that time, their tokens had already generated a profit of $68 million. This whale’s ongoing accumulation of WIF indicates a strong belief in the token’s potential, despite indicators of market turbulence.

At the time of writing, WIF is trading around $1.84, down 4.17% over the last 24 hours. This decrease is viewed as a correction to the recent short-term rally. The token’s market cap has also plummeted to around $1.836 billion.

However, it is not only WIF that has been fluctuating; the meme token market as a whole has seen slight corrections at the start of this week, most likely owing to profit-taking by short-term traders.

Interestingly, although WIF experiences a fall, its memecoin rival, POPCAT, continues to show bullish momentum. POPCAT has increased by 2.52% within the same time period and recently topped the daily gainers list during the weekend.

The disparity in performance between Dogwifhat and POPCAT demonstrates the varying amounts of interest and fund flow in the memecoin sector.