The top Dogwifhat (WIF) holder deposited 21.9 million tokens into Kamino over three days despite the token experiencing sideways trading. This significant move, valued at $35.48 million, was followed by borrowing 3.24 million USDC, which was then used to purchase an additional 1.8 million WIF tokens.
Top Dogwifhat whale is looking at a $68 million profit
Spanning several months, this whale has been actively involved in deliberate asset acquisitions and incremental buildup. For starters, between December 13 and 15 last year, the whale bought 19.86 million WIF at just $0.0114, amounting to a $226,000 investment. Another substantial purchase involved registering the domain ‘binance-insider.sol’ and a large buy of 17.23 million WIF tokens, costing 86,738 SOL, valued at $8.92 million at the time.
The largest holder of $WIF, with over $68M in profit, is buying more and going long on $WIF!
— Lookonchain (@lookonchain) August 23, 2024
In the past 3 days, he deposited 21.9M $WIF($35.48M) into #Kamino and borrowed 3.24M $USDC, then spent 2.7M $USDC to buy ~1.8M $WIF!
This whale spent $226K to buy 19.86M $WIF at only… pic.twitter.com/4iXzJPlT8s
On August 23, 2024, the Dogwifhat holder acquired another 1.8 million tokens, currently valued at $2.7 million. This follows his deposit of 21.9 million WIF into Kamino, borrowing 3.24 million USDC and spending 2.7 million USDC to buy the WIF tokens.
This purchase brings his total holdings to about 27.2 million WIF, worth $44.36 million. The trader is in for a cumulative profit of over $68 million. The now top holder of WIF purchased these tokens following the price decline earlier today during the formation of a bullish double-bottom price action pattern.
WIF token’s open interest and trading price surges
Since July, Solana’s memecoin, Dogwifhat, has seen a 45% dwindle in its value. However, WIF’s open interest rebounded as its price rose from about $1.50 to $2.50. At the time of writing, WIF’s open interest has spiked by over 2.99% in the last 24 hours.
WIF is currently trading at $1.62, representing a 0.75% rise in the last 24 hours. However, its trading volume is on a downturn, slumping by 30% during the same period.
