Dogwifhat (WIF) Market Shaken by Sudden Whale Movements, Testing Critical Support Levels

The Dogwifhat (WIF) market has been shaken by sudden whale movements, fueling speculation about its future trajectory. As the broader crypto market experiences a downturn, WIF has seen a steep decline, testing critical support levels.

The price of Dogwifhat (WIF) has nosedived drastically amid a downturn in the broader crypto market. After failing to maintain crucial support at $0.80, the token has now entered oversold territory, trading at $0.70.

The token has seen a steep decline of 12% in the last 24 hours, indicating increased selling pressure. However, to everyone’s surprise, this downturn comes with a twist—a dormant whale wallet has awakened, withdrawing a massive amount of WIF.

According to on-chain data from Lookonchain, a wallet that had been inactive for two years recently moved 6.5 million WIF, valued at $5.21 million, from Binance. This large transfer has immediately sparked speculation and close monitoring by traders, as such hefty transactions often serve as a key indicator of upcoming market shifts.

Fresh Whale Accumulation Spotted as Dogwifhat (WIF) Drops Below $0.70

On February 3, Spot On Chain reported another round of whale accumulation. A fresh wallet, later identified as “4FhF5,” created the wallet and withdrew 9.48 million WIF (approximately $7.17 million) from Binance. This move suggests a strategic accumulation by a new whale, despite the bearish market sentiment.

More big $PEPE and $WIF accumulations spotted!

1️⃣ Smart whale “0xe7d” spent 974.642 $ETH to buy 280.85B $PEPE ($2.62M) ~5 hours ago, now holding 1.404T $PEPE ($13.2M) with a massive $13.75M profit (+328%).

2️⃣ Fresh whale “4FhF5” created a new wallet and withdrew 9.48M $WIF…

https://t.co/B44u1KyX0s

pic.twitter.com/xm6UHpH5Xr

As a result of these whale transactions and the overall market sell-off, Dogwifhat has entered oversold territory, with a price of $0.70. The token has dropped significantly from its crucial support level at $0.80.

Meanwhile, the total crypto market capitalization fell to $3.07 trillion on February 3, marking its lowest level since November 2024. This decline is largely attributed to the U.S. President Donald Trump’s new tariffs, which have sent shockwaves across global financial markets.

In response to the tariffs, traders are closely monitoring WIF’s price action, especially after the token lost 38.33% in the past seven days.

After rising to highs of $1.15 on January 27, the token has faced a downtrend, sparking concerns among traders. However, as the market unfolds, it will be interesting to see how WIF performs at this juncture.

Dogwifhat (WIF) at Crossroads: Key Support at $0.70 as Bulls & Bears Battle

CryptoSlate recently covered an analysis by crypto analyst Valeriya, who outlined a potential recovery plan for Dogwifhat. According to her technical assessment, the token is currently in a key buyer interest zone around $0.70.

Her forecast includes a possible liquidation at $0.70, followed by a rebound toward $0.80, with a long-term target between $1.20 and $1.30.

However, ChainGPT AI Agent‘s analysis paints a different picture, issuing a bear alert and highlighting that Dogwifhat has dropped 33% this week, reaching its lowest price since February 2024.

The analysis points to increased selling pressure, with traders closing positions. If the downtrend continues, WIF could drop to $0.55, but a potential bounce could push it back to $1.89.

With ongoing whale movements, macroeconomic uncertainties, and conflicting technical signals, traders will be keeping a close watch on Dogwifhat. The question now is whether WIF can hold its $0.70 support level and stage a comeback or if further downside is inevitable. The coming days will be crucial in determining WIF’s next move, will the bulls regain control, or is the market preparing for another leg down?