dogwifhat (WIF), a popular meme coin, has abruptly soared 60% over the last 24 hours thanks to a series of massive recent acquisitions made by a single canny investor seeking to spark a sustained breakout rally.
Leading on-chain analyst Lookonchain spotlighted the anonymous trader’s growing WIF position, which now shows nearly $600,000 in accelerating unrealized profit as the latest buying spree sparked immense momentum.
“The price of $WIF increased by ~50% today! A smart trader spent 4,900 $SOL($539K) to buy 1.43M $WIF the day before,” Lookonchain observed, evidencing timely situational awareness.
Repeated Seven-Figure Buying Over Past Week Ignites Breakout
In total, Lookonchain details how the influential wallet spent over $1.54 million worth of SOL to accumulate 4 million WIF tokens across a series of purchases beginning February 16th. This consistent dip-buying in advance of the sudden 50% vertical price explosion suggests planned ignition.
“He has spent 14K $SOL($1.54M) to buy 4M $WIF since Feb 16 and the current unrealized profit is ~$582K.”
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Impressively, this same trader previously generated $147,000 in profit buying and selling a prior 3.98 million WIF accumulation, highlighting a clear strategy.
WIF surged to a high of $0.5745 from a 24 hour low of $0.3681, exhibiting over a 55% surge in the last 24 hours.
Some cooling off should be expected following such a euphoric impulse. However, with so much capital recently loaded up below the market, strong support exists for dip buyers seeking to sustain upside continuation. This wave of newfound interest could signal merely the beginning as long as broader risk conditions persist favorably.
Ultimately, savvy crypto traders know that strategically igniting meme coin mania at opportune moments can spark viral rallies. This latest breakout illustrates how sudden explosions in price and awareness create their own self-fulfilling momentum.
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