‘Shiba Inu Killer’ Dogwifhat Rallies 8%, Continues To Look ‘Incredible,’ Says Top Trader
By Benzinga
Dogwifhat (CRYPTO: WIF) is up 8% on the day and 26% on the week, closely following its rival Shiba Inu (CRYPTO: SHIB) as traders see more upside playing out shortly.
What Happened: On-chain data provider Lookonchain shows a major WIF holder borrowing 2 million (CRYPTO: USDC) from the Solana (CRYPTO: SOL) DeFi protocol Kamino to buy an additional 894,854 WIF at $2.24 each. The whale now holds 32.1 million WIF, equivalent to $71 million, and has made a total profit exceeding $86 million.
With WIF’s rally at 27% over the past week, crypto trader Rekt Capital sees the meme coin at the edge of starting a new macro uptrend after breaking its multi-month downtrend.
Unipcs thinks the main move for Dogwifhat has not yet come.
On the other hand, crypto trader Gumshoe stated that Binance users are buying Dogwifhat. Over the past seven days, around $35 million worth of WIF has been transferred from Binance. The trader added that “when you see outflows from exchanges, people are buying and take self-custody.”
Another trader thinks WIF could repeat its February surge and appreciate 1,600% in 48 days after triggering a bullish indicator.
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Image created using artificial intelligence with Midjourney.
