Memecoins
$4.65 million invested in Dogwifhat (WIF)
Previously, when Bitcoin collapsed to the $58,500 level, larger market declines followed, hitting meme coins hard. The price of Dogwifhat (WIF) had fallen below $1.50, a low not seen since March 2024.
As a result, many industry observers have proclaimed the “meme coin supercycle” to be over, citing the lack of fundamental support for these assets.
Meme coins recover quickly from market lows
Some crypto whales have even started selling their own meme coins. For example, two crypto whales collectively sold nearly $26 million Pepper (PEPPER) AND Shiba Inu (SHIB).
Critics, including well-known Ethereum educator sassal.eth, have openly expressed their discontent.
“Everyone is angry because they believed the scammers telling them it was a “meme coin supercycle” and listened to the VCs telling them to buy their bags. RIP especially to those who exchanged their ETH for this bullshit (wifhat)”, sassal.eth She said.
To the surprise of critics, WIF has seen a rapid recovery, increasing its value by more than 30% from this week’s lows.
To know more: Dogwifhat Price Prediction (WIF) 2024/2025/2030
Dogwifhat (WIF) Price Performance. Source: TradingView
This resurgence coincided with a major transaction by one of Dogwifhat’s largest investors. According to Lookonchain, he spent $4.65 million on acquiring additional WIF tokens.
The significant investment involved purchasing 2.3 million tokens at $2.03 each, increasing the investor’s holdings to 23.39 million WIF, now valued at close to $50 million. To date, he has made an estimated profit of around $83 million.
Furthermore, initiatives from major blockchain platforms such as BNB chain supporting the meme coin supercycle narrative. Eager to foster innovation, BNB Chain launched its Meme Innovation Campaign, pledging $1 million to support nascent projects. The first phase of the campaign awarded prizes of $100,000, attracting a global array of developers and projects.
Subsequently, the “Meme Heroes” phase plans to allocate the remaining $900,000 to support the liquidity pool for promising meme coin projects. This initiative aims to increase liquidity and ensure a stable trading environment for users.
Projects that lock 100% of their liquidity for at least one year, contribute 10% of the total token supply to the liquidity pool, and have top ten external account holders owning less than 10% are eligible for this support. of the total offer.
“We will comprehensively consider trading volume, number of token holders and market capitalization if all other conditions are met,” BNB Chain explained.
To know more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
Layer 1 blockchain also emphasizes the importance of safety and transparency in these initiatives, requiring project tokens to be verified on BscScan or undergo rigorous checks security checks. These precautions are designed to build trust and sustainability in the meme coin market.
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