- Dogwifhat (WIF) open interest dropped 28% amid bearish sentiment.
- Five wallets sold 14.53 million WIF tokens, earning over $69 million.
Since July 27, the open interest for Dogwifhat (WIF) has plummeted by 28%, to $252.5 million, while the price has fallen to $1.67. As a result of the current decline, traders anticipate a retest of the important $1.50 support level.
#Dogwifhat (#WIF) open interest has dropped by 28% to $252.5 million since July 27, amid a price decline to $1.67.
Traders anticipate a retest of the critical $1.50 support level due to ongoing correction.
Future traders are wary of a quick rebound, with significant short and… pic.twitter.com/oOApiw9kJn
— TOBTC (@_TOBTC) August 3, 2024
Futures traders are concerned about a rapid comeback, putting major short- and long-term bets at risk. WIF’s price is currently around $1.60, down 4.34% over the last 24 hours, bringing its market cap below $1.6 billion.
Understanding the Implications of a 28% Decline in Dogwifhat Open Interest
During this gloomy period, CNF previously noted that five wallets, possibly controlled by the same individual, sold 14.53 million Dogwifhat (WIF) tokens worth $24 million.
With an initial investment of $5,340, this individual earned nearly $69 million, resulting in an incredible return on investment (ROI) of 12,927 times. This substantial sell-off has fuelled the adverse attitude surrounding WIF, leading to the price fall.
On the other side, CNF reported the actions of a whale from Dogwifhat’s competitor, Pepe Coin (PEPE). This whale deposited 400 billion PEPE tokens on Binance, earning a profit of $5.85 million and a ROI of 230%.
This action demonstrates the shifting fortunes of the meme coin market, with some investors profiting from the volatility to make significant returns.
A notable crypto analyst has also projected a favorable trend for PEPE, WIF, and POPCAT in light of the meme coin market’s revival. This prognosis implies that, despite the current gloomy picture for WIF, there may be room for recovery and growth in the near future.
However, present market circumstances remain difficult, and traders are actively monitoring critical support levels to make informed judgments.
