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- One Coinbase whale has purchased close to $2 million worth of WIF, the Solana-based meme coin, despite being the worst-performing of the top ten meme coins in the market.
- WIF was the only meme coin in the red over the past week, with BONK gaining 36% in that period, while PEPE and BOME jumped 25% and DOGE 12%.
Dogwifhat was once the coin to own as it skyrocketed from relative obscurity to become the third-largest meme coin after DOGE and SHIB. Those days are fading away, and its rivals have been gaining an edge in recent weeks, with PEPE flipping WIF to take third spot. However, one whale is still as confident in WIF and has invested close to $2 million in the coin this week.
At press time, Dogwifhat trades at $2.89, gaining 3.14% over the past day for a $2.88 billion market cap. Despite the overnight gains, the coin is trading slightly lower on a weekly timeframe. In that time, it dipped to a two-week low at $2.45, but it quickly bounced back and has been on a recovery since.
Despite the recent volatility, WIF is still among the top crypto investments. In the past three months, it has delivered over 700% in returns, and year-to-date, it’s up 1,770%.
These kinds of returns are rare, and some investors continue to believe in the canine-themed coin. One such whale address has been investing heavily in the token over the past week.
A whale is buying $WIF!
The whale created a new wallet and withdrew 1.83M $USDC from #Coinbase to buy $WIF.
So far, he has spent 606K $USDC to buy 227,896 $WIF at $2.66, with 1.22M $USDC left.
The purchase is in progress.https://t.co/zx87XThnnR pic.twitter.com/ygP8em3dAu
— Lookonchain (@lookonchain) May 20, 2024
This whale now owns over 680,000 WIF tokens worth over $1.97 million, which he has been accumulating for USDC.
The whale, whose address is held with Coinbase, has also purchased smaller amounts of NoBonk and dogwiftie; the latter is one of over 100 offshoots inspired by WIF.
Meanwhile, other meme coins have had a bumper week even as WIF faltered. Among the major meme coins, BONK recorded the highest gains at 34% over the past seven days. PEPE and Book of Meme (BOME) each gained around 22%, with the former cementing its position as the market’s third-largest meme coin, an accomplishment it had lost in March to WIF, as Crypto News Flash reported.
Dogecoin and Shiba Inu gained 11% and 8%, respectively, to remain top of the market with a combined $39 billion in market cap.
The meme coins have remained resilient despite the recent tumble in meme stocks like GameStop and AMC. These stocks had shot up in value after the man who sparked the 2021 meme stocks rally made a return, as Crypto News Flash reported.
However, the rally this year was shortlived and the stocks have lost all their gains and are now trading at pre-rally levels.
Analysts feared that the massive price dips would spread to meme coins, but they managed to fight off the dip, aided by a resurgence in the broader crypto market., where Bitcoin has regained $70,000 again.
