A Dogwifhat whale transferred significant quantities of WIF to Coinbase, creating market anxiety about the meme coin’s future moves.
Amidst a very volatile crypto market, a Dogwifhat whale’s move to sell roughly $3 million in tokens sparked widespread worry among traders and investors. On-chain numbers on Wednesday showed that the whale transferred millions of WIF to Coinbase, causing investors to become negative amid a larger fall. Notably, the WIF price fell by almost 3% intraday as a result of the large dump on the cryptocurrency market.
As such scary market occurrences develop, cryptocurrency aficionados wonder about the future trajectory of the dog-themed meme coin.
Dogwifhat whale offloads $3M tokens to Coinbase sparking speculations
According to Lookonchain statistics, a Dogwifhat whale transferred 1.2 million tokens worth $3.47 million to Coinbase, the world’s largest cryptocurrency exchange. Solscan data identified this whale’s address as 72X13Krh1nCM.
Surprisingly, the whale amassed the aforementioned sum around eleven months ago with a small investment of $393,000. Now, with the market experiencing a bull run following Trump’s victory, this whale’s holding yielded a significant $3 million profit.
However, it is important noting that the dump occurs against the backdrop of recent volatility in the broader industry. It recently revealed that cryptocurrency liquidations have risen to $1.76 billion, with altcoins bearing the brunt of the burden. Dogwifhat liquidations on December 9 and 10 totaled $22 million, according to Coinglass statistics.
Notably, the whale’s selloff might be related to investor apprehension or profit-booking, as the market is now seeing tumultuous movement with large sums liquidated. Traders and investors predict the future price movement of the top meme currency based on the variables listed above.
What will happen with WIF?
WIF price fell about 3.5% intraday and is now trading at $2.87. The 24-hour low and high were $2.66 and $3.01, respectively. Notably, the token is presently trading 41% below its all-time high of $4.85, with the recent Dogwifhat whale selloff and other data indicating doubt about the cryptocurrency’s future moves.
However, according to the most recent price research, Dogwifhat is anticipated to reach $10 by the end of December 2025. Given that the meme token passes resistance at $4, it has the potential to reach its previous all-time high of $4.85. Crossing this ATH might open the door for a rally toward the $10 level. Nonetheless, market observers continue to keep a close eye on the token for future price movements.
Cardano (ADA) may remain below $1 amid whale selloff and profit-taking
Layer 1 coin Cardano (ADA) has been inside a pricing range since the beginning of December. However, its price has been declining during the previous week, falling by 17% in the last seven days.
This fall is due to a number of causes, including sell-offs by major holdings and profit-taking by many of its holders. This puts the cryptocurrency at danger of lingering below $1 in the short term, as explained in this study.
Cardano sees spike in profit-taking activity
The drop in Cardano’s big holders’ netflow, a statistic that tracks the buying and selling activities of huge investors or whales, reveals a decrease in ADA accumulation by this group of coin holders. According to statistics from IntoTheBlock, the netflow of ADA’s major holders has decreased by 139% in the last seven days.
Large holders are whale addresses that possess more than 0.1% of an asset’s circulating supply. When their netflow lowers, it suggests that whales are selling an asset. This is a negative indication, implying that these huge investors are losing trust in the asset’s future price.
The current spike in profit-taking in the Cardano (ADA) market is not restricted to institutional investors. This tendency has spread to the majority of coin holders, indicating a general lack of faith in the asset’s future price potential.
Supporting this sentiment, the altcoin’s Market Value to Realized Value (MVRV) ratio has consistently declined. According to Santiment data, the MVRV ratio peaked at 113% on December 2 before falling sharply. The most recent report puts it at 72.35%.
This indicator measures whether an asset is overpriced or undervalued in relation to its owners’ average cost basis. When it falls, it indicates that the difference between an asset’s market value and realized value is narrowing.
In the case of ADA, although staying positive, the MVRV drop indicates that investors are taking profits, lowering the amount of unrealised gains. This signals a decline in optimistic sentiment and an increase in selling pressure in the market.
ADA price prediction: A decline toward $0.77 is possible
Technically, the daily chart reveals that ADA’s next significant support is at $0.90. While it is trading at $1.01 at press time, additional profit-taking activity will force it to test this support level. If it fails to hold, the coin’s value will drop to $0.77.
On the other side, if purchasing activity resumes, the ADA coin price may recover to $1.06 and ascend to its two-year peak of $1.32.
Circle and Binance partner to boost USDC and crypto adoption
The exchange will also make USDC a fundamental component of its corporate treasury.
Circle, a stablecoin supplier, and Binance, a cryptocurrency exchange, have launched a new agreement to increase the acceptance of the dollar-backed stablecoin USDC as well as digital asset adoption.
In a joint release, the companies stated that Circle will assist Binance by providing crucial technology, liquidity, and other tools to optimize the benefits of USDC for its customers. Both firms intend to form new partnerships with mainstream financial and commercial institutions in order to promote the usage of stablecoins.
BREAKING NEWS: Circle and Binance have entered into a strategic partnership that will accelerate global USDC and crypto adoption. The world’s largest exchange and crypto super app and the world’s largest trusted and compliant dollar stablecoin operator are coming together to… pic.twitter.com/WO8w4rv3NZ
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) December 11, 2024
Collab will see support for stablecoins
This partnership between the two industry titans seeks to hasten the adoption of blockchain-based financial services and promote stablecoins’ growing significance in the global economy.
Circle, the issuer of USDC, stated that it had 240 million users, giving a vast platform for scaling USDC’s utility. Binance’s latest agreement will include USDC in its product and service offerings. The exchange will also make USDC a fundamental component of its corporate treasury.
“Binance is an incredibly innovative company and has demonstrated a relentless commitment to product quality, innovation, and user-centricity,” said Jeremy Allaire, Chairman and CEO of Circle. “With Binance rapidly becoming the world’s leading financial super app, this partnership represents a tremendous opportunity for USDC as it becomes ubiquitous on their platform.”
As stablecoins such as USDC continue to demonstrate their value as a bridge between traditional banking and the blockchain ecosystem, the collaboration puts Circle and Binance at the forefront of global innovation.
“USDC is one of the most preeminent products in the world,” said Richard Teng, CEO of Binance. “Our users will have even more opportunities to use USDC, including new trading pairs and promotions.”
Circle outlines expansion into Hong Kong
Circle is expanding into Hong Kong to enhance its Asian footprint ahead of a planned initial public offering (IPO), according to rumors from November. Circle hopes that this move would help to establish Hong Kong as an important hub for bitcoin activity in Asia, in line with its overall regional expansion objectives.
