Whales Accumulate 39M+ WIF Tokens as the Asset Retains Key Support Levels

WIF Holds Steady as Whale Buying Counters Market Swings

Dogwifhat (WIF) is showing notable resilience despite recording slight losses today, maintaining its support levels while whale investors continue to accumulate significant amounts of the token.

The memecoin, a standout in the current volatile market, is hovering near $0.8319 after slipping 1.17% over the past 24 hours, as per CoinDesk Research’s technical analysis model. Meanwhile, the broader memecoin space, measured by the CoinDesk Memecoin Index (CDMEME), climbed 1.79% during the same timeframe.

Throughout this period, WIF fluctuated within a 5.1% range, trading between $0.821 and $0.864. Strong buying interest appeared around the $0.835 level, confirming it as a significant support zone amid elevated trading volumes. Earlier this week, WIF rallied to $0.92, leading to some profit-taking. However, technical indicators remain constructive as the token consolidates above its recently established support base.

On-chain data indicates that whales have acquired over 39 million WIF tokens, aligning with broader rotations occurring within Solana-based memecoins. This accumulation trend follows BONK’s recent surge driven by ETF speculation, while WIF continues to test key technical thresholds amid declining trading volumes and reduced short liquidations.

Market sentiment has slightly improved thanks to Congress passing President Trump’s “One Big Beautiful Bill” earlier this week, combined with stronger-than-expected U.S. jobs data. These developments have helped alleviate macroeconomic pressure on risk assets. Although the crypto sector still faces challenges linked to evolving trade dynamics and monetary policy, WIF’s on-chain fundamentals remain solid.

Meanwhile, derivatives markets remain active, with Binance reporting an impressive cumulative BTC futures trading volume of $650 trillion. As institutional players grow more involved, retail traders are increasingly eyeing tokens like WIF, which has demonstrated resilience. If WIF can hold its current support levels and attract renewed trading activity, a move back toward the resistance zone near $0.86 could be on the horizon.

Technical Analysis Recap

Over the 24 hours ending July 5 at 14:00 UTC, WIF ranged between $0.821 and $0.864.
A notable rally from $0.835 to $0.861 took place on heightened trading volumes, affirming support levels.
Whale buying spiked during a nine-hour window, with a cumulative volume of 60.7 million tokens.
During the last hour of the session (13:06–14:05 UTC), WIF rebounded from $0.828 to $0.831.
Resistance formed at $0.838 amid strong selling pressure around 13:25–13:26 UTC.
Temporary support held at $0.828 following a sharp dip between 13:54 and 13:56 UTC.
A modest recovery late in the session suggests WIF may be consolidating in the short term.