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According to Lookonchain, a whale has made a significant move by depositing 12.66 million WIF, valued at approximately $23.4 million, into the Binance exchange. The massive WIF stash was moved in two transactions to the Binance crypto exchange. Depositing indicates an intent to sell, while withdrawals might suggest buying.
The deposit of 12.66 million WIF into Binance is significant not only because of its size but also due to the timing amid volatile market conditions.
The substantial transfer comes at a time when the Solana-based meme coin Dogwifhat is experiencing a downturn, with a 7% decline in the last 24 hours and a 34% drop over the past week.
The decline in Dogwifhat's value is reflective of the broader market sentiment, which has been bearish in recent times. Bitcoin fell to a more than one-month low, as the lack of new market drivers slowed this year's record-breaking surge.
Dogwifhat plunges 31%
Solana meme coin Dogwifhat (WIF) has dropped significantly since the past day, as the crypto market saw fresh bearish pressure.
In this context, WIF has steadily declined since reaching highs of $4.07 on May 29. The most recent sell-off has seen WIF fall for six days in a row since June 17.
Tomiwabold OlajideAt the time of writing, WIF was trading at $1.68, down 3% since the past hour and overall 7% in the last 24 hours. If today closes in red, WIF might mark its seventh day of losses. The Solana-based meme coin is currently down 35% weekly.
Other Solana meme coins have dropped since the past week, including BONK, which is down 17.58%, and Book of Meme (BOME), which is down 15%.
Solana meme coins have followed Solana's negative trend over the last week; Solana is the only cryptocurrency in the top 10 save Dogecoin, whose price has declined by nearly 10% in the last seven days.
Arman Shirinyan
Alex Dovbnya
Dan Burgin