The meme coin industry, led by Dogecoin (DOGE), is currently valued at about $40 billion, with a daily average traded volume of around $3.14 billion. The Solana (SOL) network remains a top-performing layer one (L1) chain, heavily influenced by its meme coin ecosystem led by dogwifhat (WIF), and Bonk (BONK).
According to the latest crypto data, the Solana-based meme coins have a total market cap of about $6.4 billion and a daily average traded volume of about $1.3 billion.
Dogwifhat Whales Increases Appetite
The recent approval of two spot Solana ETFs in Brazil has set the stage right for further mainstream adoption of SOL-based projects. Furthermore, an altseason is anticipated on the horizon as the Bitcoin dominance continues to form a macro bearish reversal pattern.
According to on-chain data analysis provided by Lookonchain, the largest holder of WIF, with a holding of 27.2 million units worth over $44 million, has begun to accumulate more coins.
In the last three days, the whale has taken a USDC loan of 3.24 million using WIF as collateral and used the funds to make more purchases.
WIF Price Preps Imminent Bullish Reversal
As it stands with the rest of the crypto market led by Bitcoin (BTC), WIF price has been bleeding for the past five months. The mid-cap meme coin, with a fully diluted valuation of about $1.6 billion and a daily average traded volume of around $440 million, has been forming a falling wedge, which is often followed by a major bullish uproar.
From a technical standpoint, the WIF price against the US dollar must regain the 50-day Moving Average (MA) as a support level to invalidate further bleeding ahead.
