- A whale has offered practically 1 million WIF tokens.
- If bearish tendencies proceed, a large sell-off could happen, driving WIF right down to $0.90.
The general cryptocurrency market skilled a large downturn, and the world’s fifth-largest cryptocurrency, Solana [SOL], together with its related tokens, noticed a large sell-off.
Whale offloads $1.65 million WIF tokens
Amid this promoting stress, on the 4th of July, a whale was caught promoting a major 900,000 dogwifhat [WIF] tokens value $1.64 million onto ByBit, as knowledge shared by an on-chain analytic agency Lookonchain.
In accordance with the info, regardless of this large sell-off, this whale nonetheless held a notable 974,000 WIF tokens value $1.76 million.
The potential purpose behind this large sell-off is the present market sentiment and the notable worth drop of Solana. In accordance with CoinMarketCap, SOL has skilled a worth drop of over 8% till press time.
Another excuse contributing to the bearish market sentiment is the replace on Mt. Gox BTC repayments and an skilled replace on the spot Ethereum [ETH] ETF, which is prone to be postponed this time.
Because of these components, WIF has misplaced over 11% of its worth as properly.
WIF technical evaluation
At press time, WIF was at a powerful assist stage of $1.6, and seemed to be forming a bullish double-bottom sample with a doji candle.
That is the third time since March 2024 that WIF has reached this stage, and every time merchants and traders see a bullish upside transfer.
![](https://ambcrypto.com/wp-content/uploads/2024/07/WIF-chandan-tv.png)
![](https://ambcrypto.com/wp-content/uploads/2024/07/WIF-chandan-tv.png)
Supply: TradingView
Because of the present market sentiment, this stage turns into much more essential.
If WIF fails to maintain this stage and provides a every day candle closing beneath this assist, a large sell-off could happen, doubtlessly driving the value right down to the $0.90 stage.
Moreover, sentiment was bearish as WIF’s Open Curiosity has dropped by 8%, which means a decrease stage of curiosity and confidence from traders and merchants.
![](https://ambcrypto.com/wp-content/uploads/2024/07/WIF-chandan-open-interest.png)
![](https://ambcrypto.com/wp-content/uploads/2024/07/WIF-chandan-open-interest.png)
Supply: Coinglass
WIF price-performance evaluation
At press time, WIF was buying and selling close to the $1.77 stage, and within the final 24 hours, it skilled over 8% worth drop.
In the identical interval, the buying and selling quantity skilled a notable soar of 60%, signaling traders’ and merchants’ participation amid the market downturn.
Is your portfolio inexperienced? Take a look at the WIF Revenue Calculator
If we have a look at the efficiency of WIF over an extended interval, within the final seven days, with this current drop it was down by 10%. In the meantime, within the final 30 days, it misplaced over 45% of its worth.
Apart from WIF, different Solana-based meme cash similar to Bonk [BONK], BOOK OF MEME [BOME], and cat in a canines world [MEW] have misplaced 9%, 7%, and eight% of their values, respectively, per CoinMarketCap.