- WIF saw an increase in value of more than 2%.
- So far, one whale has collected more than 200,000.
dog hat [WIF] was one of the biggest losers of the past week and saw significant price drops. Despite this downturn, there has been notable accumulation in one portfolio, indicating some investor confidence or strategic buying during the dip.
Whale collects dog hat
According to data from Look at chain, a newly created wallet recently withdrew $1.8 million worth of USDC from Coinbase. This wallet then used 606,000 USDC to purchase 227,896 dogwifhat for approximately $2.66 per token.
The accumulation is ongoing, with the wallet still containing approximately 1.2 million USDC.
This purchase is notable because WIF has experienced significant downtrends over the past seven days, making this trade a bullish move despite the recent declines.
WIF remains in a bear trend
Analysis of the dogwifhat price trend on a daily time frame showed that WIF has experienced an uptrend only once in the last seven days. This happened on May 15, when the price rose 9.50% to above $3.
However, the price subsequently fell and reached around $2.50 on May 19, after falling almost 1%. At the time of writing, WIF was trading at around $2.60, reflecting an increase of 3%.
Source: TradingView
Moreover, the analysis of the Relative Strength Index (RSI) indicated poor price development in recent days. The RSI was below the neutral line, indicating a bearish trend.
The only time in recent weeks that WIF was clearly above the neutral line was during the more than 9% rise on May 15. Since then it has remained below the neutral line.
WIF is seeing more long-term liquidations
Analysis of the dogwifhat liquidation trend on Coinglass shows that long positions have been liquidated more frequently in recent days.
This indicated that traders who expected the price of WIF to rise had wiped out their positions due to the recent price declines.
More than $2.3 million in long positions were liquidated between May 18 and 19.
Source: Coinglass
Realistic or not, here is the market cap of WIF in terms of BTC
At the time of writing this article, short positions were seeing more liquidations due to the recent uptrend in the price of WIF.
Considering that the whale wallet WIF was trading at around $2.66, a drop below this price range would result in a loss for these assets.