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Memecoins are in the red this week as most sectors of the cryptocurrency market suffer. Dujoyvat (WIF) was not the exception. The first quarter memecoin sensation saw a significant price drop following whale moves. Recently, Address transferred millions from WIF to a cryptocurrency exchange, sparking speculation about who was behind the transaction.
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6 million WIF to Binance
Friday, Reports The massive WIF transfer to Binance has taken the cryptocurrency community by storm. According to the report, a major cryptocurrency holder has transferred millions to the largest cryptocurrency exchange.
The whale transferred 5.97 million WIF, worth about $11 million, on June 21. Additionally, the title emptied 48 million Trump coin (DGT), approximately $500,000.
Following the news, the cryptocurrency community began speculating about who was behind the transfer. Some users claimed that the whale was cryptocurrency trader Ansem, who was vocal about WIF. The merchant was also part of the Las Vegas Sphere project, where users donated around $700,000 to display the token image in the Sphere.
X users criticized Ansem for the alleged deposit, expressing their disappointment in his “surrender.” Some investors took advantage of the opportunity pass They resent the trader for “defrauding and defrauding investors.”
The discussion sparked an important conversation: Should key opinion leaders not move their money? 1 user It is considered That Ansem and all KOLs are free to do what they want with their money. The user argued that KOLs get criticized no matter their route.
When people sell before you do, they “get it.” When KOLs sell or even transfer some of their holdings, they act as “pump and dampers.”
Many community members agreed question If KOLs are “obligated” to hold the token until investors are happy with their profits. However, others see community members as the “arbiters” of merchants’ reputations.
Duguivat takes a hit, but was it Ansem?
Despite the rumours, online reports suggest that the wallet is not linked to the cryptocurrency merchant. After a deep dive into the title, a community member is found That the title was not related to Ansem.
The post states that the only reason he is linked to the trader is his large WIF balance and several Solana memecoins.
However, the address has a history of selling its token at a loss “to FOMO at new shiny things.” Furthermore it, wallet It appears to be linked to a now-deleted X account. At the time of writing, the trader has not acknowledged these rumours.
Following the reports, the price of WIF dropped from $1.90 to the $1.80 price range. In the last day, the memecoin dropped from $2.15, representing a 13% decline.
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The token also saw a decline of 25.3% and 36.1% on both the weekly and monthly time frames. Cryptocurrency Analyst Plantz is expected $1 downside target for dog themed memecoin. finally, The analyst stated that a drop to the $1 support level was “inevitable” before the “next parabolic leg.” As of this writing, WIF is trading at $1.83.
Featured image from Unsplash.com, chart from TradingView.com
