• WIF has declined by 10.74% over the past 24 hours.
• Whales have turned to buy the dip, scooping 7.25 million tokens worth $13.34 million.

As the crypto market crashed over the past day, memecoins have not been spared. Among the most hit memecoins is dogwifhat [WIF].

Over this period, WIF has dropped from $2.09 to $1.84. This downside has opened a buying window for large holders.

As such, whales have turned to accumulating the memecoin at lower prices. According to Lookonchain, a whale bought 7.25 million WIF tokens worth $13.34 million.

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.

Any impact on WIF price charts?

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.

Therefore, according to AMBCrypto’s analysis, WIF was experiencing strong bearish sentiments at press time, as sellers dominated.

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.