The large holders of Dogwifhat (WIF), often referred to as whales, triggered a price decline by selling significant portions of their holdings.
This selling pressure deepened the downward trend, with WIF losing 21% of its value in the past week and over 32% in the last month.
According to reports, one of Dogwifhat’s major whales transferred 5.97 million WIF worth just over $12 million to Binance, exacerbating the recent downward trend of the coin.
Earlier in the week, another whale liquidated tokens worth approximately $3.5 million within a short period of time.
As a result of these massive sell-offs, the price of WIF dropped sharply by 7% in just the past 24 hours, falling below the key support level of $2 and settling at $1.89 at the time of writing.
Furthermore, Dogwifhat’s market capitalization also decreased by just over 7% to $1.883 billion. Despite the price decline, the trading volume of WIF increased by around 5% in the last 24 hours, reaching $399.3 million, indicating increased market activity driven by reactions to recent whale sell-offs.
Looking ahead, with the breach of the $2 support level and continued selling pressure from large investors, the prospects for Dogwifhat remain bearish. Unless there is a significant shift in market sentiment or a return of confidence in the cryptocurrency, further declines in WIF can be expected soon.