- Dogwifhat (WIF) anticipates a 44% increase, showing 994% growth since February, boosting the Solana ecosystem.
- Pepe (PEPE) records a 780% rise in one month, indicating upside potential with no signs of impulsive decline.
Solana (SOL) is witnessing great interest among traders, thanks to the performance of memecoins, in particular, dogwifhat (WIF) and Pepe (PEPE). One cryptocurrency analyst, known as Bluntz, has commented on the growth of these memecoin, predicting a future in earnings and, by extension, earnings in turn for Solana.
Dogwifhat (WIF), after experiencing a V-shaped recovery on its hourly chart, has captured the interest of Bluntz and his 244,400 followers .
the $wif turbo V reversal here is pretty amazing, next leg up is gonna be a monster pic.twitter.com/D7zC8X48zT
— Bluntz (@Bluntz_Capital) March 5, 2024
This move suggests a possible uptrend, supported by Elliott Wave theory, which indicates the end of a correction with the completion of a three-wave pattern.
At the time of writing, WIF is trading at $2.08, which represents an impressive 994% increase from its value of $0.190 on February 7. According to Bluntz, WIF could see as much as a44% increase in value in the next phase of the rally, potentially reaching between $2.50 and $3.
WIF and the Whales
Data from on-chain analysis by Lookonchain indicates that developers could have missed out on potential earnings totaling more than $693 million during the recent price spike.
The saddest thing is that the $WIF dev sold 350M $WIF for 511 $SOL($29K) within 2 days after open trading.
The 350M $WIF is worth 693M currently!https://t.co/gDNKlLslfP pic.twitter.com/UhpXNrrvp2
— Lookonchain (@lookonchain) March 8, 2024
Lookonchain reports reveal that the developer exchanged 350 million WIF tokens for 511 SOL (equivalent to $29,000) merely two days post-trading commencement. Presently, these tokens are valued at over $693 million in the market.
But he still had a wallet left that did not sell $WIF immediately.
This wallet also spent 2 $SOL($110) to buy 489,674 $WIF and sold 12.4M $WIF for 896K $USDC.
There are currently 589,199 $WIF($1.17M) left.https://t.co/GgjM1RZ6h5 pic.twitter.com/XUUiz9WXWH
— Lookonchain (@lookonchain) March 8, 2024
Remarkably, the developer has chosen to keep some tokens in a wallet without immediately liquidating them. Furthermore, there was a reported transaction where 489,674 WIF tokens were acquired for 2 SOL ($110), followed by the sale of 12.4 million WIF tokens for 896,000 USDC.
In parallel, Bluntz has also put the spotlight on Pepe (PEPE), another memecoin that has seen spectacular growth in the last month, up approximately 780%. Unlike WIF, PEPE has yet to show signs of an impulsive decline, which Bluntz says indicates that it could still reach new highs.
