The price of the meme-inspired cryptocurrency Dogwifhat ($WIF) has surged more than 200% over the past week, as the Solana-based memecoin greatly outperforms the wider cryptocurrency market to now have a market capitalization near the $250 million mark.
The cryptocurrency’s price rally saw it move to $0.25 per token at the time of writing, after surging around 60% in the last 24-hour period. The cryptocurrency, according to popular cryptocurrency analyst Bluntz, has recently made a “nice clean 5 wave rise” pattern.
Bluntz uses Elliott Wave Theory, where a price trend is expected to unfold in five distinct waves, in his analysis, and called for a potential surge for up to $1 for WIF, mentioning he is accumulating the cryptocurrency as well.
The cryptocurrency’s surge comes at a time in which a whale, who goes by “Binance-insider” spent 86,738 SOL tokens to buy 17.2 million WIF tokens. According to on-chain analysis service Lookonchain, the whale’s name and token acquisition suggests WIF could soon be listed on leading cryptocurrency exchange Binance.
The whale’s move has seen it become the second-largest WIF holder on the network, after buying nearly 20 million tokens. Recently, a noteworthy transaction involving the $WIF token occurred, where a purchaser invested almost $9 million in three separate transactions.
This transaction was carried out in a pool with low liquidity, which led to a significant price rise to fill in the order. As a result, the price of $WIF surged to a peak of $3 before plummeting to approximately $0.15.
This led to a slippage loss exceeding $5.7 million for the trader. In trading, slippage refers to the discrepancy between the anticipated price of a trade and the actual execution price. Some market analysts have speculated that this transaction might have been a promotional ploy to attract attention to $WIF, particularly in light of its recent price drop.
Featured image via Dogwifcoin’s website.
