Crypto whale shifts USDC into $DOGE competitor meme coin
The dogwifehat (WIF) cryptocurrency is dubbed a “memecoin,” meaning that it is not taken seriously among crypto investors, and is developed as a social experiment and a satire of the crypto industry in the first place.
Yet, one crypto whale has surfaced on Lookonchain’s radar, a digital asset tracker, which noted that the investor withdrew 1.83 million USDC from Coinbase to purchase 228,000 WIF tokens. The estimated value of the purchase is $600,000, and it signals an interesting shift away from core meme coins as $DOGECOIN has slowed down in recent months and is unlikely to experience another market swing.
Yet, $WIF is a fairly stable token with a circulating supply of 998,905,956 and a value of $3.00 flat per $WIF token as of May 23. The fully diluted market cap exceeds $3 million already. This is not the first time a crypto whale invested in $WIF tokens. Earlier this year in April, another crypto whale spent $3.77 million on buying 1.15 million $WIF tokens.
Both moves were tied to a significant increase in the value of the token, but the token also seems to be held by whales for the most part, which is not unusual for a cryptocurrency. The fact that investors are willing to purchase and invest in a meme coin is also interesting, as it could signal confidence in the future value of the token.
Buying meme tokens in times of a booming cryptocurrency economy is not without merit. Some people were able to turn the $DOGECOIN rally into a million-dollar payout, with some investors still divesting quickly after, but others sticking to the currency throughout the rout.
Regardless, $WIF is so far showing no signs of slowdown and the currency seems to be better received by most meme tokens, inspiring trust, and confidence.
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