Dogwifhat whale remains bullish with $68 million profit

The largest Dogwifhat (CRYPTO:WIF) whale continues to display confidence in the Solana-based (CRYPTO:SOL) meme coin, even after securing $68 million in unrealised profits. 

Despite significant gains, the whale has been increasing their holdings and taking long positions, signaling a strong belief in the coin’s future prospects. 

This optimism persists despite growing competition from Tron’s (CRYPTO:TRX) meme coins, which are gaining traction and potentially overshadowing Solana-based tokens.

Recent on-chain data from Lookonchain reveals that this top WIF whale made substantial transactions earlier this week. 

On Tuesday, the whale deposited 21.9 million WIF tokens, valued at $35.48 million, into Kamino Finance, a Solana DeFi protocol. 

Subsequently, the whale borrowed 3.24 million USDC (CRYPTO:USDC), Circle’s stablecoin, and spent 2.7 million USDC to purchase approximately 1.8 million additional WIF tokens. 

These strategic moves occurred within the Kamino Finance ecosystem, which offers a comprehensive suite of DeFi services, including lending, liquidity provision, and leverage management.

At the time of reporting, the Dogwifhat (WIF) price was $1.90.

The whale’s recent activities also include significant acquisitions from late 2023, where they spent $226,000 to acquire 19.86 million WIF tokens at an average price of $0.0114 per coin. 

Following this, they made a substantial purchase of 17.23 million WIF tokens, spending 86,738 SOL, worth $8.92 million. 

With these acquisitions, the whale now holds a total of 27.2 million WIF tokens, valued at approximately $44.36 million.

Despite recent profits, the whale remains bullish on WIF, continuing to hold and accumulate more of the token. 

This stance comes at a time when Solana meme coins are facing increased competition from Tron-based meme coins, which have been gaining attention due to the efforts of Tron’s founder, Justin Sun, and the popularity of the SunPump platform.

The whale’s continued investment and strategic positioning suggest that they see long-term potential in Dogwifhat, even as the market landscape becomes more competitive. 

Investors and market watchers will be closely monitoring these developments, particularly as WIF approaches critical price levels that could signal further upward movement.

At the time of reporting, the Dogwifhat (WIF) price was $1.90.