Solana Whale's Massive $24M WIF Dump: Is a 15% Price Drop Looming?

With the cryptocurrency market facing uncertainty, all eyes are on the latest dump of WIF tokens, which could bring severe consequences to the token.

A massive dump of WIF tokens last week has left investors speculating about a potential 15% price drop for the popular memecoin. However, despite the sell-off, key metrics indicate a strong investor interest in WIF.

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After a massive whale dump, memecoin WIF experienced a significant price correction last week. To be precise, the token’s price dropped by over 10% after a whale sold $24 million worth of tokens.

At the time of writing, WIF was trading at around $1.33 with a market capitalisation of over $1.3 billion. Interestingly, despite the sell-off, the number of WIF long-term holders (addresses holding a token for more than 1 year) increased over the past several months.

Analysis of Santiment’s data reveals that investors were selling instead of buying the dip. This was evident from the increase in WIF’s supply on exchanges while its supply outside of exchanges dropped. The hike in its exchange inflows further proved that investors were selling.

However, the whales followed a different route as they spurred their accumulation habits. This was evident from the increase in the supply held by top addresses despite the recent large dump.

The technical indicator MACD projected a massive bearish advantage in the market. This is further confirmed by the lower-than-usual Money Flow Index and Relative Strength Index.

WIF’s fear and greed index seemed optimistic. At the time of writing, WIF’s index had a value of 22%, meaning that the market was in an “extreme fear” position. Historically, when the metric hits this level, it often precedes a price hike.

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