20 Apr

Two cryptocurrencies that have benefited greatly from the memecoin craze in recent months are dogwifhat [WIF] and BODEN. The situation with these tokens, nevertheless, could drastically alter in the coming days.

Whales Dive

Lookonchain data shows that a whale just went on a major buying binge, amassing a sizable amount of PUPS tokens. 54,161 PUPS have been purchased by this whale since April 11 at an average cost of $70, for a total purchase price of $2.88 million. 

The whale exchanged a sizeable portion of its existing cryptocurrency assets, including 1.05 million WIF tokens valued at $2.63 million and 1.8 million BODEN tokens worth $1.15 million, in order to pay for this acquisition.

But even after making this huge PUPS acquisition, the whale still has a sizable war chest of cryptocurrency holdings. 20 million BODEN tokens, valued at $16.4 million, and 2.22 million WIF tokens, valued at $6.1 million, make up the whale's remaining holdings.

These memecoins may suffer in the future as a result of the whale's previously indicated sell-offs.

To its credit, WIF's position on the charts didn't change. In actuality, the token's price increased by 19.94% in the last day. WIF's price at the time of publication was $2.94.

Despite the significant increase in WIF's value, the recent bearish trend for the memecoin could not be reversed. Following a test of the resistance around $4.857, WIF's price repeatedly made lower highs and lower lows. The price may reach the $3.502-level before correcting if WIF's rise holds.

With a reading of 59.82, the WIF RSI (Relative Strength Index) suggested that bullish momentum was increasing and the market wasn't yet overbought. On the other hand, WIF's Chaikin Money Flow (CMF) decreased and stayed at roughly 0.01. This suggested that there hadn't been much of a spike in the inflow of funds into WIF.

April 2024, Cryptoniteuae

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