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The price of $WIF has dropped by more than 15% as the market is experiencing a decline. According to Lookonchain, a large holder has deposited 900,000 $WIF to the Bybit exchange today. The worth of these tokens is $1.64 million. This deposit has left the whale with 974,000 $WIF which is valued at approximately $1.76 million.
The price of $WIF dropped 15% as the market fell.
A whale deposited 900K $WIF($1.64M) to #Bybit 10 hours ago, leaving 974K $WIF($1.76M).https://t.co/qJwlxcWy15 pic.twitter.com/amIkvwKfNG
— Lookonchain (@lookonchain) July 4, 2024
Large $WIF Transfer to Bybit Sparks Selling Pressure Concerns
Such a large volume of $WIF tokens has been transferred, and therefore it has attracted the attention of some market observers. The whale decided to transfer such a large amount of $WIF to Bybit. As a result, it can possibly place selling pressure and resulting to dropping its price recently.
Unfortunately, market analysts follow the movements of whales because the large transactions may affect the price levels, or even suggest future trends.
$WIF Traders Advised to Monitor Large Holder Actions
These variables include the current market circumstances as well as that of the large holders, such as this whale, that lead to price fluctuations with regards to $WIF. One must pay attention to such movements as they can significantly affect the traders and investors in the $WIF market.
Lastly, there are still actions from the market awaiting and one wonders how the price of $WIF will change and what more steps will be employed by the large holders of the currency.
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