There are two typical reactions traders have when the crypto market experiences a downturn, like the one we’ve seen in the last week or so. The first group panics and starts selling, while the second group begins accumulating their favorite altcoins.
And this time, whales didn’t accumulate PEPE, but WIF. I am specifically mentioning PEPE since during the recent summer dips, the frog meme coin was the one traders were buying on the dip.
The WIF price took a hit last week, losing more than 20% of its value. This means Dogwifhat’s token is now trading around $1.47 with a market cap of around $1.47 billion. This is 70% lower than the all-time high set in March this year.
However, LookOnChain reported that a whale accumulated $13.59 million worth of WIF tokens from exchanges in the last 4 days.
The most recent transfer of 775,660.00337 $WIF occurred about four hours ago from Bybit (4 hours from LookOnChain’s tweet actually), adding to earlier transfers of 346,168.380753 $WIF and 8,450,564.117583 $WIF from Bybit and Binance, respectively. The total number of $WIF tokens accumulated by the whale is 9.57 million.
The whale’s accumulation of $WIF might influence market sentiment and help the token’s price explode when the bull run returns in October or November. Until then, it’s tricky to expect any heavy price pumps for any meme coin.
Read also: Why PEPE and WIF Investors Should Turn to This Hot New Meme Coin
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