Recent reports reveal a Solana whale sold $3.5 million worth of Dogwifhat (WIF) over a few hours amid increased Solana whale activity in tokenized ETF providers such as ETFSwap (ETFS). The large withdrawal may further sustain the ongoing price decrease in Dogwifhat’s price.
Why Solana whales are taking an interest in ETFSwap (ETFS)
Solana whales are increasingly interested in ETFSwap (ETFS) for its unique marriage of cryptocurrency and traditional institutional exchange-traded funds (ETFs).
Whales can swap crypto with various listed institutional tokenized ETFs including cryptocurrency spot and futures ETFs.
Thanks to ETFSwap’s fully DeFi mode crypto swaps, users can fully enjoy the benefits of decentralized finance. Traders and investors can swap various cryptocurrencies directly on the user-friendly platform without relying on centralized intermediaries, ensuring greater transparency, security, and control over their assets.
ETFSwap’s market-making expertise greatly minimizes slippage and guarantees that optimal liquidity is available to users. This means traders on the platform can execute trades quickly and at the best possible prices so they can stay ahead of the market.
ETFSwap (ETFS) also provides advanced AI-powered tools, such as the ETF Screener and ETF Tracker, to help Solana whales make better-informed trading decisions. These tools leverage artificial intelligence to analyze vast amounts of market data, identify trends, and provide insights to provide the best accurate recommendations.
Solana whale exits seven-figure position in meme coin Dogwifhat (WIF)
Popular X (formerly Twitter) crypto news outlet Degen News, on June 17th, 2024, reported the sale of $3.5 million worth of Solana meme coin Dogwifhat.
Citing Solscan data, the X post included a screenshot of the transaction routes that revealed more information about the transaction, but not the party that carried it out, as expected.
The transaction has caused traders to speculate about Dogwifhat’s (WIF) future price action. A few traders replied to the post, commenting, “Capitulation bottom?” A capitulation bottom refers to a condition of heightened apprehension in the market caused by a sustained decline in a crypto asset’s price. When investors and traders can no longer tolerate the price drop, they sell off their holdings.
This may well be the case as Dogwifhat’s price has been on a decline since it peaked in March 2024. Dogwifhat is down 13.88% in the last 24 hours and currently sits at $2.03, according to CoinMarketCap data.
Being a Solana (SOL) meme token without any specific use case, Dogwifhat is at the mercy of its community and market sentiment. While these can provide strong support as the token hitting $4.85 in March proves, its lack of inherent utility subjects it to storms of volatility and speculation.
In addition, prominent Crypto analyst, Pierre, speculates that the bearish run may be a side effect of the similar bearish performance of Bitcoin (BTC).
WIF’s bearish run has been on for over a month now, and the community is divided in opinion with one faction preaching that this is a good time to buy the dip while the other wonders if Dogwifhat is going into memecoin hell.
Don’t miss out on the ETFS Presale
The ETFS token serves as the native currency within the ETFSwap (ETFS) ecosystem and offers Solana whales a range of benefits. A major one is the unique trading fee discount system that allows traders to interact conveniently with the platform.
Additionally, investing in ETFS opens users up to the potential of earning up to 87% APR yield.
Tokens are currently on sale for $0.01831 with an ongoing 40% discount promo. Over 15 million tokens have been sold. The next presale stage will see the price jump to $0.03846, so there’s no better time to jump on the train than now.
For more information about the ETFS Presale:
