With the cryptocurrency market facing uncertainty, all eyes are on the latest dump of WIF tokens, which could bring severe consequences to the token. This move has left investors wondering: is a 15% price drop on the horizon for the popular memecoin?

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WIF witnessed a significant price correction last week following a massive whale dump. To be precise, the memecoin’s price dropped by over 10% after a whale offloaded $24 million worth of tokens. 

WIF is currently trading at around $1.33 with a market capitalisation of over $1.3billion. Notably, while the memecoin’s price dropped, WIF’s number of long-term holders (addresses holding a token for more than 1 year) increased over the past several months. In fact, as per IntoTheBlock, the number of WIF long-term holders accounted for over 27% of total holders.

Investor Behavior: Selling Pressure vs. Long-Term Holder Increase

Analysis of Santiment’s data revealed that investors have been selling instead of buying the dip. This was evident from the increase in WIF’s supply on exchanges while its supply outside of exchanges dropped. The hike in its exchange inflows further proved that investors were selling.

Even so, the whales followed a different route as they spurred their accumulation habits. This was evident from the increase in the supply held by top addresses despite the recent large dump.

Technical Indicators: Mixed Signals Amidst Market Uncertainty

The technical indicator MACD projected a massive bearish advantage in the market. This is further confirmed by the lower-than-usual Money Flow Index and Relative Strength Index. 

WIF’s fear and greed index seemed optimistic. At the time of writing, WIF’s index had a value of 22%, meaning that the market was in an “extreme fear” position. Historically, when the metric hits this level, it often precedes a price hike.

As WIF faces the aftermath of the whale dump and potential 15% price drop, investors are left to navigate these uncertain waters. While technical indicators paint a mixed picture, the increase in long-term holders and the “extreme fear” index suggest that a turnaround might be on the horizon.

Meanwhile, projects like Pawfury continue to offer alternative investment opportunities in this volatile market. As always, investors are advised to conduct thorough research and consider their risk tolerance before making any investment decisions.

DISCLAIMER: CAPTAINALTCOIN DOES NOT ENDORSE INVESTING IN ANY PROJECT MENTIONED IN SPONSORED ARTICLES. EXERCISE CAUTION AND DO THOROUGH RESEARCH BEFORE INVESTING YOUR MONEY. CaptainAltcoin takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We strongly advise readers to do their own thorough research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in crypto assets is high-risk; consider the potential for loss. Any investment decisions made based on this content are at the sole risk of the readCaptainAltcoin is not liable for any damages or losses from using or relying on this content.

The post Solana Whale’s Massive $24M WIF Dump: Is a 15% Price Drop Looming? appeared first on CaptainAltcoin.

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