Dogwifhat (WIF), Solana's SHIB copycat, logs the worst plunge amid all the top 100 cryptocurrencies. However, during this dump, one of the most convinced whales exits with breathtaking profits. At the same time, Dogecoin (DOGE) outperforms the market benchmark significantly.
Dogwifhat (WIF) becomes worst performing crypto amid plunge
Top meme cryptocurrency Dogwifhat (WIF) lost 10.1% of its capitalization overnight. This pushed weekly losses well over 35% of its value. Dogwifhat (WIF) touched a local low at $1.63 and lost its position in the top 50 largest cryptocurrencies by market cap.
Other meme coins are barely doing better. Based Brett (BRETT) is down by 10% and has all chances to see its capitalization dipping below $1 billion.
Floki (FLOKI) dropped by 5.5%, Shiba Inu (SHIB) lost 4.9%, while Bonk (BONK) is 7% down and plummets below the $1.5 billion capitalization mark.
Largest cat coins Popcat (POPCAT), Cat in Dog World (MEW) and Mog Coin (MOG) lost 12-17% all three and are attempting to stay above the $0.5 billion market cap.
Since the overall cryptocurrency market is seeing a 4% decline, Dogecoin (DOGE) with its mediocre 2.9% drop is the only meme coin that is outperforming the segment right now.
The meme coin sphere's capitalization lost 8% today and is sitting below $45 billion, CoinGecko data says.
Sell-off with 4,500x profit: Whale turned $5K into $24M holding WIF
In the past 24 hours, 87,444 traders were liquidated, while the total liquidations eclipsed $290 million in equivalent. A total of 85% of this amount are long positions, CoinGlass data says.
At the same time, one of the oldest and largest WIF holders made headlines even amid this painful dropdown. As per Lookonchain's analysis, a whale (or a group of whales) today, on Aug. 3, 2024, sold 14.53 million WIF for $24 million.
The mysterious whale purchased their WIF bags on Nov. 30, 2023, while the cost was only $5,340. As such, they managed to exit with a 4,497x return.
Should this allocation be sold at an ATH, the ROI would be 12,927x with almost $70 million made from $5,340.
Alex Dovbnya
Denys Serhiichuk