• Coinglass’s WIF Spot Inflow/Outflow data showed that whales and investors had withdrawn massive tokens from exchanges.
• WIF could soar by 60% to reach the $4.90 level if it maintains its position above $3.

Despite major price declines across the cryptocurrency landscape, Dogwifhat [WIF], the popular Solana-based memecoin, has remained stable at the 0.618 Fibonacci retracement level.

For a week, WIF’s price has been consolidating within a tight range between $3.02 and $3.37, which equals the Fibonacci golden zone of 50% and 61.8%.

Rising whale activity 

Amid this ongoing price consolidation, whales, and investors appear to have shown strong interest and confidence in the memecoin, as reported by on-chain analytics firm Coinglass’s WIF Spot Inflow/Outflow data.