Dogwifhat (WIF), the popular Solana-based meme coin, has been on a downward spiral over the past week, raising concerns among investors. The bearish trend intensified after a whale deposited a staggering 12.66 million WIF, valued at approximately $23.4 million, onto the Binance exchange.
This significant transaction, identified by Lookonchain, involved two separate deposits and is likely a precursor to selling the WIF tokens. Large deposits on exchanges often signal a selling intention, further fueling the bearish sentiment surrounding Dogwifhat.
The timing of this whale movement couldn’t be worse for Dogwifhat. The meme coin has already been struggling, experiencing a 7% price decline in the last 24 hours and a steeper 34% drop over the past week. This mirrors the broader cryptocurrency market, which has witnessed a downturn recently. Bitcoin itself reached a one-month low, highlighting the lack of momentum in the market that had previously fueled record-breaking surges.
Dogwifhat’s current price of $1.68 reflects a substantial 31% plunge since yesterday. The coin has been on a losing streak for six consecutive days, with the sell-off starting on June 17th. If the day closes in the red, it will mark a worrying seventh day of losses for Dogwifhat investors.
This downturn isn’t isolated to Dogwifhat. Other Solana meme coins like BONK and Book of Meme (BOME) have also witnessed significant drops of 17.58% and 15%, respectively, over the past week. This trend aligns with the overall negative sentiment surrounding Solana itself. Notably, Solana is the only cryptocurrency in the top 10 (excluding Dogecoin) to experience a price decline in the last seven days, with a drop of nearly 10%.
The confluence of the whale movement, broader market weakness, and the negative trend within Solana meme coins paint a concerning picture for Dogwifhat. Investors should closely monitor the situation and conduct their own research before making any investment decisions.