As the crypto market crashed over the past day, memecoins have not been spared. Among the most hit memecoins is WIF. Over this period, WIF has dropped from $2.09 to $1.84. This downside has opened a buying window for large holders.When whales turn to purchasing an asset, it shows their confidence in the market as they believe prices will soon rebound, making it more expensive to buy and more profitable for holders.
While whale accumulation is expected to positively impact price movements, this has yet to reflect on dogwifhat’s charts. In fact, as of this writing, dogwifhat was trading at $1.87. This marked a 10.74% decline on daily charts. The bearish trend has persisted over the past month as the memecoin has dropped by 46.13% on monthly charts. The recent decline shows strong downward pressure amidst increased selling activity that WIF has experienced over the past month.We can see this bearishness following WIF’s bearish crossover on its RVGI over the past day. This crossover showed that the memecoin was experiencing a strong downward pressure as selling intensified.Additionally, these bearish sentiments were evident through a negative Weighted Sentiment. This has remained negative over the past week, suggesting that most traders are bearish and expect prices to drop.Looking further, most traders are taking short positions, with 50.9% of accounts going short on the daily timeframe. When short traders are dominating the market, it implies that investors anticipate prices to decline.Finally, dogwifhat’s Open Interest per Exchange has sharply declined from $184 million to $162 million at press time. This shows that traders are closing their positions to avoid further losses, while new entrants are avoiding the market. Such investor behavior signals a lack of confidence in the market. In conclusion, although a whale has turned to buying dogwifhat, the market remains strongly bearis
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