Whale Deposits 12.66 Million WIF on Binance Amid Market Volatility

Whale Deposits $23.4 Million Worth of WIF into Binance Amid Market Downturn

In a significant move, a whale has deposited 12.66 million WIF, valued at approximately $23.4 million, into the Binance exchange, according to Lookonchain. The massive WIF stash was moved in two transactions to the Binance crypto exchange, signaling a potential intent to sell.

The timing of this deposit is crucial as it comes amidst volatile market conditions. The Solana-based meme coin Dogwifhat has been experiencing a downturn, with a 7% decline in the last 24 hours and a 34% drop over the past week.

The broader market sentiment has been bearish recently, with Bitcoin falling to a more than one-month low. This lack of new market drivers has slowed down this year’s record-breaking surge.

Dogwifhat (WIF) has plunged 31% in the past day, reflecting the fresh bearish pressure in the crypto market. The coin has been on a steady decline since reaching highs of $4.07 on May 29, with the most recent sell-off leading to a six-day consecutive drop since June 17.

Currently trading at $1.68, WIF is down 3% in the past hour and 7% in the last 24 hours. If the day closes in red, WIF might mark its seventh day of losses, with a weekly decline of 35%.

Other Solana meme coins like BONK and Book of Meme (BOME) have also seen significant drops in the past week. Solana itself has been on a negative trend, with only Dogecoin showing a nearly 10% decline in the last seven days.

The market continues to face uncertainty, and investors are closely monitoring the movements of whales like the one who deposited millions of dollars worth of WIF into Binance. Stay tuned for more updates on this developing story.

About the author:
Tomiwabold Olajide is a cryptocurrency analyst and experienced technical analyst. He conducts comprehensive price analysis and exchange predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.