A whale sold 539,558 dogwifhat (WIF) tokens for $2 million in Solana, amid an 8% rise in Open Interest, securing $24.1 million in profits.
A cryptocurrency market savvy whale investor is presently in the news due to the distribution of 539,558 dogwifhat (WIF) meme tokens. This action is in response to Dogwifhat’s 8% increase in Open Interest during a period of extreme market volatility.
Lookonchain, an on-chain analytical platform, reports that the whale investors sold every single 539,558 WIF for $3.7 per token. The transaction resulted in the acquisition of 11,708 Solana (SOL), which is valued at approximately $2 million.
As a result of this recent transaction, the whale investor has increased his WIF profits by $24.1 million. Although this profit is significant, it also signifies the whale’s strong belief in the memecoin’s future potential.
The smart money sold all 539,558 $WIF for 11,708 $SOL($2M) at a price of $3.7 10 mins ago.
He has realized profits of $24.1M on $WIF, $11M on $boden and $6.28M on $BONK.https://t.co/Lyp0BVyhKO pic.twitter.com/MfcjCsVBfj
— Lookonchain (@lookonchain) May 28, 2024
Notably, the whale transaction occurs concurrently with a recent increase in the Open Interest (OI) of WIF.
According to data from Coinalyze, OI increased by 14.7% to $421.7 million in the previous twenty-four hours. With $256 million, WIF trading on Binance demonstrated the highest order of investment (OI), followed by $134.5 million on Bybit.
Significantly, the term “OI” denotes the aggregate value of unresolved derivative contracts that are pending. Futures contracts necessitate the presence of a buyer to satisfy the obligations of each seller.
An increasing OI signifies a positive trend in the market, as leverage traders initiate a greater number of contracts in anticipation of price fluctuations.
Just one year after its inception, WIF has risen to the top twenty in terms of market capitalization among cryptocurrencies. As of the present moment, the WIF is positioned at position 29 in the market capitalization hierarchy, with a trading value of $3.57.
This figure signifies an intraday surge of 8.7%. Trading volume amounts to $1.4 billion, whereas the market capitalization is $3.5 billion.
Dogecoin (DOGE) and Bonk (BONK), in addition to WIF, both ranked among the top ten in OI. In contrast, Ethereum (ETH) ranks second with $9.15 billion in OI, while Bitcoin (BTC) leads the chart with $11.1 billion.
The recent increase in OI for memecoins can be attributed to the favorable momentum that has been around since WIF surpassed $3.30 for the first time in over two weeks.
PEPE reached a new All-Time High (ATH) of $0.00001718 amidst these developments, highlighting the intensifying competition in the memecoin industry.
