Dogecoin Overtakes Dogecoin? 30% Surge Makes WIF the Best Meme Coin of the Week

• WIF stock has gained more than 30% over the past seven days.
• The largest holders of the WIF now hold more than $70 million in profits.

The largest holder of Dogwifhat (WIF) has been making waves in the market this week by significantly increasing its token accumulation. This strategic move has allowed the holder to sit on a significant profit, demonstrating confidence in the asset’s future potential.

Despite this increasing accumulation, WIF’s value has not only maintained its pace but has also increased, making it the biggest gainer among the top five meme coins.

Dogwifhat sees heavy buildup

According to data from Look on ChainThe largest holder of Dogwifhat (WIF) continues to accumulate more WIF tokens.

As of this writing, data indicates that this address has spent 1.54 million USDC to purchase 800,556 WIF at $1.92 per token. This latest acquisition brings the total WIF held by this address to 28 million tokens, with a current value of around $53.23 million.

Surprisingly, the company’s profits rose to more than $77 million, highlighting the huge gains made by this strategic accumulation.

Continued accumulation by such a large holder may continue to weigh on market sentiment and drive more interest in WIF.

Dogwifhat sees consecutive uptrends.

Dogwifhat (WIF) daily chart analysis indicates a strong performance with six consecutive uptrends. The most notable increase occurred on August 23, when WIF saw a 13.77% increase, pushing its price to around $1.84.

By the end of the week, WIF had risen to around $1.9 after an additional 6% increase.

Source: TreadingView

This upward momentum allowed WIF stock to break through the resistance formed by its short-term moving average (yellow line). At the time of writing, WIF stock is trading at around $1.88, having seen a decline of more than 4%.

Despite this pullback, WIF price is still above its short-term moving average, indicating that the support level is holding for the time being.

The analysis also shows that the Relative Strength Index (RSI) for WIF has crossed the neutral line due to the recent rise, indicating a move to an uptrend. However, the current decline has weakened this bullish momentum slightly.

How does WIF compare to other memecoins?

Dogwifhat (WIF) analysis reveals that it has gained over 30% in the past seven days, according to data from Coin Market CapThis amazing performance ranks WIF as the biggest gainer among the top five meme coins.

The only meme coin to outperform WIF during this period was Popcat, which saw an increase of over 70%, placing it in eighth place overall.

As of this writing, WIF has a market cap of nearly $1.9 billion, with a trading volume of around $475 million.

In addition, data from coin glass The WIF financing ratio appears to remain above zero, indicating that buyers still control the market.

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A positive funding rate indicates the prevalence of long positions, where traders are willing to pay a premium to maintain their long positions in the market.

The dominance of buyers reflects the continued bullish sentiment towards WIF, indicating confidence in its potential for further price appreciation.