Big Investors Sell Off Meme Cryptocurrency Dogwifhat - What's Next for Price?

Large Dogwifhat (WIF) holders, often referred to as whales, triggered the price drop by selling significant portions of their holdings. 

This selling pressure has deepened a downward trend that has seen WIF lose 21% of its value over the past week and more than 32% over the past month.

One of Dogwifhat's main whales has reportedly transferred 5.97 million WIF worth just over $12 million to Binance, reinforcing the coin's recent downtrend.

Earlier in the week another whale liquidated approximately $3.5 million worth of tokens within a short period of time.

As a result of these massive sales, the price of WIFI has plummeted 7% in just the past 24 hours, falling below the key $2 support level and settling at $1.89 at the time of writing. 

What's more, Dogwifhat's market cap is too decreased by just over 7% to $1.883 billion. Despite the price drop, trading volume in WIF increased by about 5% over the past 24 hours to reach $399.3 million, indicating increased market activity driven by reactions to the recent whale selloff.

Looking ahead, with the break of the $2 support level and continued selling by large investors, the outlook for Dogwifhat remains bearish. Unless there is a significant shift in market sentiment or a return of confidence in the cryptocurrency, further declines in WIF can be expected soon.