The last two days have been interesting in the world of dogwifhat (WIF), a meme cryptocurrency that has taken over the meme coin space and the whole Solana ecosystem this year. Thus, as reported by Lookonchain, the largest holder of WIF, with over $68 million in profit, is buying more and going long on the meme coin.

Before yesterday, during the last week, he deposited 21.9 million WIF, which is equivalent to $35.48 million, in Kamino, Solana's main lending protocol, and borrowed 3.24 million USDC. The anonymous big player then spent 2.7 million USDC to buy about 1.8 million WIF.

However, the whale did not stop there and spent 1.54 million USDC to buy another 800,556 WIF at $1.92. Currently, this whale holds 28 million WIF, equivalent to $53.23 million, and the profit on his dogwifhat holdings has exceeded a staggering $77 million.

Dogwifhat (WIF) price outlook

This whale first spent $226,000 to buy 19.86 million WIF at only $0.0114 from Dec. 13 to Dec. 15, 2023, and then registered a domain from "binance-insider.sol" and spent 86,738 SOL, worth about $8.92 million at that time, to buy 17.23 million WIF in one transaction.

It is worth noting that the price of the dogwifhat coin has increased by 38.32% since the beginning of the week. Looking at its price chart on the weekly time frame, we can see how often in recent weeks and months the zone around $1.3 per WIF served as a strong support for the quotes of the meme coin.

It is no surprise that the biggest players in the crypto market decided to buy WIF here, as this is the local bottom according to historical trends.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.