DogWeHat (WIF) Price Decline Continues as Traders See Huge Profits
The past week has seen a continued decline in the price of DogWeHat (WIF) as the altcoin follows the overall market trend. Many investors have taken advantage of this trend to sell their holdings and make a profit, with one investor in particular making millions through WIF.
DogWeHat Trader Makes Substantial Profits
While some meme currency traders opt for quick buy-sell strategies, WIF holders have chosen a long-term approach. Recently, a trader sold a large amount of WIF on November 30, 2023, only to buy it back later.
The trader acquired 14.53 million WIFs at $5,340 and sold them within 8 months, realizing a profit of over $24 million. The recent market movement has led to significant selling pressure, with WIF losing nearly 16% in a single day and almost 40% over the past week.
This decline has thwarted the altcoin’s potential rally, as it failed to break above $3.18 despite a bullish double bottom pattern. Currently, WIF is trading at $1.69.
Solana Meme Coin and Other Top Coins Experience Declines
Not only has WIF seen a drop in price, but the Solana meme coin and other popular coins like POPCAT and Book of Memes (BOME) have also experienced significant declines. Solana Meme Coin’s market capitalization fell by 13.9% to $7.14 billion in the past 24 hours.
POPCAT is down more than 21%, while BOME has dropped by 12% within the same timeframe. The ongoing decline in Solana Meme Coin could lead to further selling pressure and affect the coin’s value and popularity negatively.
Conclusion
Overall, the recent market movements have led to both profit-taking opportunities and significant losses for meme coin traders. The volatility in the market emphasizes the importance of thorough research and risk management for anyone looking to invest in these assets.
