dogwifhat Whale Sells 539,558 WIF As Open Interest Tops 8%

A smart whale investor in the crypto market is currently making headlines following sales of 539,558 dogwifhat (WIF) meme tokens. This move follows an 8% increase in the Open Interest of dogwifhat amid a highly volatile market trend.

dogwifhat Whale Bags Huge Selloff Profit

According to on-chain analytical platform Lookonchain, the whale investors sold all 539,558 WIF at a price of $3.7 per token. From this sale, a total of 11,708 Solana (SOL) was secured placing the value at about $2 million. With this recent transaction, the whale investor now has $24.1 million profits from WIF. This profit, while notable, also represents the whale’s conviction in the future potential of the memecoin.

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

It is worth noting that the whale transaction coincides with a recent uptick in WIF’s Open Interest (OI). Within the last 24 hours, OI increased by 14.7% to $421.7 million, according to Coinalyze data. WIF trading on Binance recorded the highest OI with $256 million, while Bybit came second with $134.5 million.

Notably, OI refers to the total amount of pending derivative contracts that have not yet been settled. In a futures contract, for every seller, a buyer is required to settle the contract. A growing OI indicates bullish momentum in the market as leverage traders open more contracts in anticipation of price movement.

WIF Ranks Among Top Cryptocurrencies

WIF has pushed itself into the top 20 cryptocurrency by market capitalization only a year after its release. At the time of this writing, the WIF ranks number 29 in the market cap hierarchy, trading at $3.57, representing an increase of 8.7% in the past day. The market capitalization stands at $3.5 billion, while trading volume is $1.4 billion.

Apart from WIF, Dogecoin (DOGE) and Bonk (BONK)  also made it to the top 10 in OI. However, Bitcoin (BTC) is leading the chart with $11.1 billion in OI, followed by Ethereum (ETH) with $9.15 billion.

The recent rise in OI for memecoins comes from its bullish momentum over the past couple of weeks when WIF reached a new multi-week high above $3.30. Amidst these trend, PEPE soared to a new All-Time High (ATH) of $0.00001718, underscoring the growing competition in the memecoin world.

Read More: Ethereum Founder Vitalik Buterin: Venture Capitalists Hinder AI Progress

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