The largest dogwifhat (WIF) wallet is now on sale.

Dogwifhat (WIF) has dropped by 10.22% in the last 24 hours, falling to a level that an analyst believes could be a disaster for the memecoin.

WIF is currently trading at $3.37, which came just three days after the parity briefly dropped below $2.96 on May 27th. Crypto analyst CryptoJack stated that WIF is currently trading below the danger price zone by 3.7%. CryptoJack wrote in a post on May 30th, "WIF needs to stay above $3.5, otherwise this could be a disaster. Investors, be cautious."

Risks continue in the popular memecoin

However, the crypto trader, nicknamed "Ponzi Trader," indicated that a reverse pattern is formed on the 4-hour price chart, signaling the possibility of a rapid recovery period for the price. "I bet on WIF bouncing from this area." he said.

CoinGlass data shows that if WIF falls again to $2.96, long positions worth 20 million will be liquidated. This development came as Open Interest (OI) reached its highest level in the last two months, amounting to $478.39 million, along with increasing positions in WIF.

On March 30th, WIF reached its all-time high of $4.64. The largest holder with 37.62 million WIF at an average purchase price of $0.32 had not sold any tokens. However, a recent study revealed that the wallet holder has sold 84% of their assets since then according to CoinStats data, and the current average purchase price has fallen to approximately $4.31, a decrease of about 21% from that time.

This article does not contain investment advice or recommendations. All investment and trading activities involve risks, and readers should conduct their own research when making decisions.