The largest holder of the Dogwifhat (WIF) meme coin remains optimistic, even after incurring an unrealized profit of $68 million. The holder, known as a “whale” in crypto parlance, continues to add to their portfolio despite increased activity in competitor Tron’s meme coins.
According to on-chain analytics provider Lookonchain, the biggest WIF whale increased their stash significantly. The whale deposited 21.9 million WIF tokens, equated to $35.48 million, into Kamino Finance – a Solana blockchain DeFi protocol that amalgamates lending, liquidity, and leverage. Later, they borrowed 3.24 million of Circle’s stablecoin, USDC, spending 2.7 million USDC of it on around 1.8 million WIF.
Between December 13 to 15, this WIF whale invested $226,000 to buy 19.86 million WIF coins at an average rate of $0.0114 per coin. Then they bought the domain “binance-insider.sol” and in a single transaction purchased 17.23 million WIF tokens costing 86,738 SOL, roughly $8.92 million. As the largest WIF whale, they now own 27.2 million WIF tokens, which are worth approximately $44.36 million. Lookonchain estimates this holder has garnered roughly $68 million in profits and remains bullish on WIF.
This bullish sentiment comes amidst the hype around Tron-based meme coins from resident Justin Sun’s SunPump platform. Onlookers have noticed increased competition between these and Solana meme coins, including WIF.
The future looks bright for Dogwifhat (WIF) in terms of price projections. Its price has been consolidating within a falling wedge pattern since late March – a usually bullish reversal pattern. Should WIF jump above its upper trendline, it may signify a strong bullish drive. A break above the 61.8% Fibonacci retracement level of $2.518 would secure the continuation of this uptrend, making it a potential entry position for traders going long on WIF.