According to Lookonchain, a whale spent $1 million on Solana (SOL) to purchase 2.68 million dogwifhat (WIF) 16 hours before Binance announced the WIF criminal pair. In another post, the smart money tracking manager noted that the whale could be a member of the project. Based on the post, Lookonchain noted that the wallet holds 37 million WIF and has an unrealized profit of over $8 million.
Binance just announced that they will launch perpetual $WIF!
Is this guy who spent $86,738.1 SOL ($8.65 million) to buy $17.22 million WIF really an insider?
The $37 million WIF currently held by this guy is worth $17 million, with a floating profit of over $8 million! https://t.co/nqeVXKmqoO pic.twitter.com/niE7XdGEiT
— Lookonchain (@lookonchain) January 18, 2024
WIF targets a move to $0.50
When problems like this arise, it is usually assumed that the participants involved are part of the team or the developers themselves. For WIF, it wasn’t clear what it was. However, before Binance’s recent announcement, there was a lot of demand for on-chain WIF.
At the time of writing, WIF price was $0.445, which is an increase of 163.70% over the last 90 days. The price increase has also helped the market capitalization of $443 million at the time of this writing. Despite being built on Solana, WIF has not followed SOL’s growth recently. While the latter found it difficult to break the $100 region, WIF continued to break out of every resistance it encountered.
From the 4-hour WIF/USDT chart, the price closed above the 9 EMA (blue) which was at $0.40. It also reversed the 20 EMA (yellow) which was at $0.36. The trend here implies a bullish thesis for WIF.

4-hour WIF/USDT chart (Source: TradingView)
However, to reach $0.50, the bulls would need to overcome the obstacle at $0.45. If buyers can break out of this path, a jump to $0.50 or higher could be confirmed.
High volatility occurs
Additionally, indications from the Bollinger Bands (BBs) have signaled high volatility. This suggests that the price of WIF may rise. However, the BB’s upper band touched WIF and $0.44, suggesting that the token was overbought.
Therefore, WIF could fall to $0.42 in the short term. However, indications provided by the Relative Strength Index (RSI) showed that WIF had good buying momentum. Hence, the price may continue to move northward.
But if the RSI reaches 70.00, there is a high probability that the price will go down. At the same time, the potential drop could present an opportunity for market participants to buy more.

4-hour WIF/USDT chart (Source: TradingView)
If that were the case, buying pressure could push WIF higher, and if participants were hesitant to sell, the price could approach $1.
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