Top Whale from dogwifhat (WIF) on the Hunt! Can the Bulls Regain Control?

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The meme coin industry, led by top Solana-based project dogwifhat (WIF), has rebounded more than 7 percent in the past 24 hours to about $51.6 billion. The Bitcoin rebound to around $62k has quelled the crypto bearish sentiment triggered by heightened selling pressure. 

The crypto market is yet to, however, signal full recovery as the long-term holders continue to offload their holdings. Notably, the German government and Bitcoin miners have been selling their holdings thus weighing heavily on bullish sentiment.

Top WIF Whale on a Buying Spree

While top holders from Ethereum-based Shiba Inu (SHIB) and Pepe (PEPE) have been busy offloading their holding on different exchanges led by Binance, on-chain data shows a different trend on WIF. 

According to on-chain data provided by Solscan, the largest holder of dogwifhat purchased 2.3 million WIF, worth $4.65 million earlier on Wednesday. As a result, the top WIF holder now holds around 23.39 million units, worth around $49.6 million.

The top WIF holder has relentlessly maintained the bullish momentum but could pose bearish threats in case the whale begins selling. Moreover, WIF has a total liquidity of around $4.5 million on different web3 protocols.

Market Outlook and Midterm Price Action

After an impressive performance since its inception, WIF has been trapped in a consolidation and choppy market in the past few months. 

The mid-cap altcoin, with a fully diluted valuation of about $2 billion and a daily average trading volume of around $835 million, has dropped more than 32 percent in the past four weeks to trade at about $2.02 on Wednesday.

From a technical standpoint, the WIF price against the US dollar has not completed the choppy consolidation and could continue in the coming months. 

However, the daily Relative Strength Index (RSI) has dropped to the oversold region, signaling to inevitable market reversal ahead.

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