A whale recently made a significant move by depositing 12.66 million WIF, valued at approximately $23.4 million, into the Binance exchange, as reported by Lookonchain. This substantial transfer was carried out in two transactions, indicating a potential intent to sell as opposed to buy. The timing of this deposit is crucial, given the current volatile market conditions.
Dogwifhat, a Solana-based meme coin, has seen a decline of 7% in the last 24 hours and a significant 34% drop over the past week. The decrease in value of Dogwifhat mirrors the overall bearish sentiment in the cryptocurrency market. Bitcoin, for example, has dropped to a more than one-month low, reflecting a lack of new market drivers following its record-breaking surge earlier this year.
With WIF steadily declining since reaching highs of $4.07 on May 29, the recent sell-off has seen WIF falling for six consecutive days since June 17. Currently trading at $1.68, WIF is down 3% in the past hour and 7% in the last 24 hours. If the downward trend continues, WIF might witness its seventh consecutive day of losses, with a weekly decline of 35%. Other Solana meme coins, such as BONK and Book of Meme (BOME), have also experienced drops in value in the past week.
The negative trend in Solana meme coins can be attributed to the broader decline in the Solana network, with Solana being the only cryptocurrency in the top 10, besides Dogecoin, to have declined by nearly 10% over the last seven days. This downward trend is indicative of the challenging market conditions and the bearish sentiment prevailing in the cryptocurrency market.
In conclusion, the recent deposit of 12.66 million WIF into Binance by a whale highlights the impact of large-scale transactions on the cryptocurrency market, especially during periods of volatility. The decline in Dogwifhat’s value and other Solana meme coins reflects the broader market sentiment, with investors closely monitoring the market for potential buying or selling opportunities. As the market continues to navigate through uncertain times, it remains crucial for investors to stay informed and make well-informed decisions based on the latest market developments.
