DogWifHat Whale Doubling Down, Buys More WIF: All-Time High Incoming?

Meme coins are bouncing higher, looking at CoinMarketCap data as of September 27. Dogecoin, the world’s largest meme coin by market cap, is up 16% over the last trading week. Shiba Inu and Pepe rallied in the same period, adding 37% and 27%, respectively.

The expansion of meme coin prices has also been a boom to DogWifHat (WIF). Solana’s largest meme coin by market cap is up 14% on the last day, pushing weekly gains to over 31%. At the current valuation, WIF is the fourth most valuable coin, trailing Dogecoin, Shiba Inu, and Pepe.

Lookonchain data reveals that a meme coin whale accumulates as WIF prices tick higher. Tracking the address’ movements, the largest WIF holder, data shows, appears to be steadily accumulating.  

By buying as prices begin to recover from their August and September lows, the move is an endorsement of the meme coin’s potential in the coming months.

On September 26, the whale borrowed 2 million USDC and bought 894,854 WIF at $2.24. Adding to his stash, the address now controls over 32 million WIF. This holding, Lookonchain analysts estimate, pushes the whale’s profits to over $86 million.

However, the whale’s borrowing of USDC and purchase of WIF is not the first time. Mid this week, the same address borrowed 4.5 million USDC from Kamino and bought 2.55M WIF at $1.76.

Looking at this trend, it is evident that the whale expects prices to continue printing higher highs. The daily chart shows that the meme coin is picking up steam.

After sinking to March 2024 lows, the meme coin has recovered, doubling to spot rates. If WIF prices soar above $2.8 and July highs, there could be more room for growth.

Ultimately, the medium-term target would be $4.8, a level last printed in March. However, for this to happen, WIF prices must more than double from spot rates.

The likelihood of WIF printing new all-time highs in the coming weeks or months cannot be discounted. Popcat, another meme coin on Solana, recently broke higher, registering new all-time highs above $1. At spot rates, the token is up nearly 120% in Q3 2024, attracting interest from whales.

After exiting for a loss, losing $611,000, Lookonchain data shows that the whale re-entered the Popcat market, spending $1.29 million worth of SOL to buy 1.3 million POPCAT at around $1. From the daily chart, a close above $1 will be crucial in sustaining the upside momentum.