WIF Holds Key Support as Whales Accumulate Over 39M Tokens

Dogwifhat (WIF) continues to draw attention amid volatile market conditions, with the token consolidating around $0.8319 after dipping 1.17% over the past 24 hours, according to CoinDesk Research's technical analysis model. As for the broader memecoin sector as gauged by the CoinDesk Memecoin Index(CDMEME), it is up 1.79% during the same period.

Price action formed a 5.1% range from $0.821 to $0.864, with critical support confirmed near $0.835 on significant volume. A sharp rally earlier this week to $0.92 drew profit-taking, but technical strength remains as WIF holds above its new local floor.

Blockchain analytics show whale wallets have accumulated more than 39 million tokens, a pattern that aligns with broader memecoin rotation underway across Solana-based assets. This trend comes as BONK surged earlier on ETF speculation, while WIF retests key zones with declining volume and fewer short liquidations.

The passage of President Trump’s “One Big Beautiful Bill” by Congress earlier this week brought short-term calm to risk markets. Combined with better-than-expected U.S. jobs data, sentiment around risk assets improved marginally, reducing macro-related selling pressure. Even as broader crypto faces headwinds from shifting trade and monetary policy dynamics, WIF's on-chain fundamentals remain constructive.

With derivatives markets booming — Binance has now facilitated $650 trillion in cumulative BTC futures volume — attention is turning to retail-driven tokens that continue to show resilience. If WIF maintains support and volume rebounds, a retest of $0.86 may be in play.

Technical Analysis Highlights

• WIF traded between $0.821 and $0.864 over the 24-hour window ending July 5 at 14:00 UTC.
• High-volume bounce from $0.835 to $0.861 confirmed strong support level.
• Whale accumulation spiked during a 60.7M token volume surge over a 9-hour session.
• In the final hour (13:06–14:05 UTC), WIF rebounded from $0.828 to $0.831.
• Resistance formed at $0.838 with heavy sell pressure at 13:25–13:26.
• Temporary support held at $0.828 after sharp sell-off between 13:54–13:56.
• Modest late-session recovery hints at short-term consolidation range.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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