Solana-based memecoins WIF, BODEN’s whales are moving to PUPS – Why?

• A whale sold large amounts of WIF and BODEN to buy PUPS
• WIF, BODEN, and PUPS prices surged massively soon after

dogwifhat [WIF] and BODEN are among the two altcoins that gained massively from the memecoin frenzy over the last few months. However, over the next few days, these tokens’ fortunes might change significantly.

Whales make moves

According to Lookonchain’s data, in a recent buying spree, a whale accumulated a significant volume of PUPS tokens. Since 11 April, this whale has snapped up 54,161 PUPS at an average price of $70, for a total cost of $2.88 million. To fund this purchase, the whale converted a substantial amount of other crypto-holdings, including 1.8 million BODEN tokens worth $1.15 million and 1.05 million WIF tokens which were valued at $2.63 million.

Despite this sizeable PUPS acquisition, however, the whale still maintains a huge war chest of crypto-assets. The whale’s remaining holdings include 20 million BODEN tokens worth $16.4 million and 2.22 million WIF tokens valued at $6.1 million.

The aforementioned sell-offs made by this whale could affect these memecoins negatively going forward.

Source: X

To its credit though, WIF remained unaffected on the charts. In fact, over the last 24 hours, the token’s price appreciated by 19.94%. At press time, WIF was trading at $2.94.

Even though the uptick in WIF’s value was massive, it still wasn’t enough to reverse the memecoin’s bearish trend over the last few days. After testing the resistance at $4.857, the price of WIF consistently hit multiple lower lows and lower highs. If WIF’s rally continues, the price could hit the $3.502-level, before a correction.

The RSI (Relative Strength Index) for WIF had a reading of 59.82, indicating that bullish momentum was on the rise and the market wasn’t overbought yet. However, the CMF (Chaikin Money Flow) for WIF declined and remained around the 0.01-level. This indicated that money flows into WIF hadn’t seen much of a surge.

Source: Trading View

BODEN recorded a similar price trajectory in the last 24 hours and hiked by 23.74%. However, compared to WIF, the price didn’t show any signs of a bearish trend and was mostly moving sideways on the charts.

Read dogwifhat’s [WIF] Price Prediction 2024-25

Source: Trading View

For its part, PUPS saw the least growth among the lot with its price surging by ‘just’ 8.65% over the last 24 hours. The altcoin’s trading volume hiked by 58.32% too.