In the past 24 hours, dogwifhat (WIF) has experienced sideways trading, yet whales continue to accumulate the asset.
The largest WIF holder, who has amassed over $68 million in profit, has been actively increasing their holdings. Notably, this whale deposited 21.9 million WIF, valued at $35.48 million, into Kamino over the past three days.
This move was followed by the borrowing of 3.24 million USDC. The whale then used 2.7 million USDC to buy an additional 1.8 million WIF.
The largest holder of $WIF, with over $68M in profit, is buying more and going long on $WIF!
In the past 3 days, he deposited 21.9M $WIF($35.48M) into #Kamino and borrowed 3.24M $USDC, then spent 2.7M $USDC to buy ~1.8M $WIF!
This whale spent $226K to buy 19.86M $WIF at only… pic.twitter.com/4iXzJPlT8s
— Lookonchain (@lookonchain) August 23, 2024
Transactions and Long-Term Accumulation
This whale’s activity stretches back months and involves strategic buying and accumulation at various stages. For instance, between December 13 and 15, 2023, the whale acquired 19.86 million WIF at just $0.0114, amounting to a $226,000 investment.
Further, in another transaction, the whale registered the domain “binance-insider.sol” and executed a large purchase of 17.23 million WIF by spending 86,738 SOL, valued at $8.92 million.
The whale’s current holdings now stand at 27.2 million WIF, valued at $44.36 million.
During this press, the price of dogwifhat (WIF) was at $1.60, with a 24-hour trading volume of $372,788,609. The token has seen a minor decline of 2.29% in the past 24 hours but retains a 9.78% increase over the past week.
Open Interest and Futures Markets Remain Steady
WIF investors remain engaged in derivatives markets, particularly futures. Notably, open interest in WIF futures has oscillated between $200 million and $400 million, despite price fluctuations.
In July, open interest saw a resurgence as the price rose from $1.50 to $2.50. This continued interest suggests investors maintain confidence in the token’s potential, despite some short-term volatility.
Additionally, in May, as reported by The Crypto Basic, investors in Dogwifhat derivatives markets were still increasingly directing capital into WIF futures contracts, expressing optimism that Solana’s popular memecoin will soon resume its upward trend.