The analytics platform used X to reveal details of significant whale activity, where a whale sold their WIF at a loss to purchase TREMP and BONK.
Although there has been notable advancement in altcoins recently, a surprising event has occurred. In a recent post by blockchain analytics firm Lookoncha, it was disclosed that a large investor experienced a substantial loss when they sold WIF tokens to purchase TREMP and BONK.
Blockchain Analytics Firm Lookonchain Revealed the Big Whale Activity
According to Lookonchain, a well-known on-chain analytics platform, a large investor, also known as a “whale,” has recently sold 1.7M WIF (equivalent to $4.4M) at a loss in order to purchase TREMP and BONK after the price of WIF dropped.
A whale is selling 1.7M $WIF($4.4M) at a loss to buy $tremp and $BONK after the $WIF price dropped.
— Lookonchain (@lookonchain) May 19, 2024
Which caused the price of $tremp and $BONK to increase.
The whale spent 25,682 $SOL($5M) to buy 1.7M $WIF at $2.94 on Mar 17.
After the $WIF price dropped, he started selling… pic.twitter.com/Ad8mdvLc50
This decision has subsequently led to an increase in the prices of TREMP and BONK. The whale initially spent 25,682 $SOL (equivalent to $5M) to acquire 1.7M WIF at a rate of $2.94 on March 17th.
Following the drop in WIF’s price, the whale began selling WIF to purchase TREMP and BONK. Up to this point, the whale has exchanged 1.28M WIF (equivalent to $3.3M) for 127.16B BONK at a specific price and has also exchanged 410,688 WIF (equivalent to $1.06M) for 966K TREMP at a price of $1.1.
Dogwifhat Crypto Facing Weakness On Technical Chart
Dogwifhat crypto is showcasing weakness on the daily technical chart, breaking below the key moving averages.
The technical indicators imply a pessimistic forecast, with the price falling below the 50-day Exponential Moving Average, which now acts as a dynamic barrier for any upside move.
Currently, the Relative Strength Index (RSI) stands at an oversold zone, and the MACD also shows weakness.
Furthermore, indicators and price action suggest a bearish sentiment. The Dogwifhat cryptocurrency is currently trading at $2.71, marking an intraday surge of 5.48%. Its market cap stands at $2,702,831,874, with a decrease in trading volumes of 28.42%.
TREMP and BONK Performance
At the time of writing, Doland Tremp (TREMP) was trading at $1.21 with an intraday gain of 7.29%, and in the last seven days, it gave a remarkable performance of 109.97%. At press, it had a market cap of $120.23 Million.
However, the BONK crypto has not performed as well as TREMP. At press, it was trading at $0.00002521 with a gain of 8.06% in the last seven days.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
