Dogwifhat (WIF) has drawn attention from crypto traders and is set for a substantial upward momentum

Dogwifhat (WIF) has drawn attention from crypto traders and is set for a substantial upward momentum, likely due to growing enthusiasm from whales.

Crypto traders have set their attention on Dogwifhat (WIF) for a potential substantial upward momentum, likely due to growing enthusiasm from whales.

Today, blockchain analytics firm Lookonchain spotted a whale who bought amounts of WIF tokens, which might suggest a renowned interest in the meme coin.

Whale interest in Dogwifhat

According to Lookonchain’s data today, the whale, popularly recognized as ‘Ansem,’ spent $2.3 million USDC to buy 2.9 million Dogwifhat tokens at an average price of $0.77 per token.

This whale’s activity shows that strategic investors increasingly are accumulating WIF tokens to capitalize on future price growth. The impact of this huge buying activity can be seen in the stable prices of Dogwifhat.

Currently, the asset’s price is seen trading at $0.7692, after seeing an impressive rise of 22.2% over the past 24 hours. During this time, the token’s trading volume surged by 251.30%.

This increase in trading volume indicates a recent increased participation from traders and investors who are showing increased optimism in the token.

WIF price updates

Dogwifhat has been experiencing a remarkable uptrend over the past two weeks. In precise, for the past two weeks and seven days ago, its price has been up 22.3% and 16.4% respectively.

With its ongoing impressive market performance, WIF has defied the current downturn in the wider cryptocurrency market. Prices of most cryptocurrencies are down due to the ongoing market downtrend.

Technical indicators suggest that the meme coin is positioning itself to witness a further uptrend, possibly aiming to cross above the $1 mark. Over the past 24 hours, WIF’s Open Interest (OI) has surged by 19.47%. This shows that long-position traders are creating new positions to hold the asset. A positive OI normally suggests a bullish sentiment, as traders anticipate the price to increase.

Spot traders are also displaying significant interest. Over the past 24 hours, the asset recorded an increase of 229.24% in trading volume to currently $1.43 billion, according to Coinglass data. This shows a trend of inflow of funds into the asset, indicating that traders are entering the market as they prepare for a price surge.

These significant inflows signal that the upward momentum could remain persistent for some time. As a result, with its current strength, WIF is expected to break the major resistance level at $1.09 and even move to the next resistance level at $1.51.