Cryptocurrency Whales Hoarding Meme Coins...After One Rises 100% in 12 Hours!

The Dogwifhat (WIF) meme skyrocketed over 100% from just $1 to over $2 in just 12 hours. This surge pushed him to unprecedented heights.

Today, its market capitalization has exceeded $2 billion three months after its launch.

Crypto whales buy falling WIF

Crypto whales quickly noticed the price drop, and took advantage of it to accumulate WIF at low prices. Notably, the on-chain analysis platform Lookonchain I underlined On major purchases made by these investors.

One of the cryptocurrency whales, which holds the wallet address, spent 87Hnwj, Five million dollars for 2.97 million WIF at an average of $1.69. Other wallet - GjRacG, I invested $1.93 million in 1.15 million WIF, paying about $1.67 on average. These movements indicate a strong accumulation.

The release of WIF in late 2023 has attracted the attention of the cryptocurrency community. It derives its value from meme culture, particularly the image of a dog wearing a hat. This unique appeal made WIF the first major meme to break the $1 mark. This is an unprecedented achievement, especially compared to previous currencies such as Dogecoin (DOGE) or Shiba Inu (SHIB), which did not exceed the $1 threshold.

Binance's decision to list WIF was crucial to its rally earlier this month. This listing led to a trading boom, with Binance recording over $200 million in WIF transactions on its first day. Additionally, the anticipation of more additional listings and its popularity among retail investors fueled its rise.

Despite the stock market crash that led to the liquidation of over $1.13 billion in trades, WIF emerged and recovered quickly, outperforming its peers.

Critics often question the usefulness and volatility of meme coins. They also express concerns about the anonymity of its developers, fearing possible market manipulation or scams. However, proponents like Wellfood Capital advance a counterargument. They believe that meme coins offer a unique value proposition.

"Meme pieces don't need fancy setups to shine. Just pure meme power and a community that loves to laugh. Utility pieces, on the other hand, often come with promises of usefulness that eventually disappear or if no one does not bother to use them, which encourages investors to sell their special currencies. .