WIF Plunges 11% As Whale Deposits Millions To Binance, Who’s Behind It?
21 Junio 2024 - 3:00PM
NEWSBTC
Memecoins are in red this week as most sectors of the crypto market
struggle. Dogwifhat (WIF) has not been the exception. The
memecoin sensation of Q1 saw a significant price drop following the
movements of a whale. Recently, an address transferred millions of
WIF to a crypto exchange, which ignited speculation about who was
behind the transaction. Related Reading: LayerZero’s ZRO Token
Airdrop Receives Backlash For ‘Proof-Of-Donation’ Mechanism 6
Million WIF To Binance On Friday, reports of a massive WIF transfer
to Binance hit the crypto community. Per the report, one of the top
dogwifhat holders moved millions to the largest crypto exchange.
The whale transferred 5.97 million WIF, worth around $11 million,
on June 21. Additionally, the address offloaded 48 million Trump
Coin (DJT), approximately $500,000. After the news, the crypto
community began speculating who was behind the transfer. Some users
claimed the whale was crypto trader Ansem, who was very vocal about
WIF. The trader was also part of the Las Vegas Sphere project,
where users donated around $700,000 to project the token’s image in
the Sphere. Users on X criticized Ansem for the alleged
deposit, expressing their disappointment in his “capitulation”.
Some investors took the opportunity to express their discontent
with the trader for “grifting and dumping on investors.” The
discussion sparked an important conversation: should Key Opinion
Leaders (KOLs) not move their money? One user considers that Ansem,
and all KOLs, are free to do what they want with their money.
The user argued that KOLs are subjected to criticism
regardless of their route. When people sell before you do, they are
“jeet”. When KOLs sell some of their holdings or even move it
around, they are “pump and dampers”. Several community members
agreed and questioned if KOLs are “obligated” to hold a token until
investors are happy with their profits. However, others argue
that community members are “arbiters” of traders’ reputations.
Dogwifhat Take A Blow, But Was It Ansem? Despite the rumors,
online reports suggest the wallet is not linked to the crypto
trader. After deep-diving into the address, a community member
found that the address was not associated with Ansem. The post
notes that the only reason it was linked to the trader was the
large WIF balance and many Solana memecoins. However, the address
has a record of selling their token at a loss “to FOMO into new
shiny stuff.” Furthermore, the wallet seems to be linked to a
now-deleted X account. At the time of writing, the trader has
not acknowledged the rumors. After the reports, WIF’s price
dropped from the $1.90 to the $1.80 price range. On the last day,
the memecoin plunged from the $2.15 mark, representing a 13%
decrease. Related Reading: Curve (CRV) Bounces 40% From All-Time
Low As Whales Go On Shopping Spree The token has also seen a 25.3%
and 36.1% drop in the weekly and monthly timeframes. Crypto analyst
Bluntz forecasted a bearish $1 target for the dog-themed memecoin.
Ultimately, the analyst stated that a descent to the $1 support
level was “inevitable” before the “next parabolic leg.” As of this
writing, WIF is trading at $1.83. Featured Image from Unsplash.com,
Chart from TradingView.com
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