Whale Deposits 12.66M $WIF ($23.4M) to #Binance in the Past 2 Days

The substantial transfer comes at a time when the Solana-based meme coin Dogwifhat is experiencing a downturn, with a 7% decline in the last 24 hours and a 34% drop over the past week.

A crypto whale has deposited 12.66 million WIF tokens, valued at approximately $23.4 million, into the Binance exchange over the past two days.

The massive WIF stash was moved in two transactions to the Binance crypto exchange. According to Lookonchain, depositing indicates an intent to sell, while withdrawals might suggest buying.

The deposit of 12.66 million WIF into Binance is significant not only because of its size but also due to the timing amid volatile market conditions. A crypto whale recently deposited a large amount of Solana-based meme coin Dogwifhat (WIF) into Binance, sparking speculation that the whale might be preparing to sell.

The substantial transfer comes at a time when the Solana-based meme coin Dogwifhat is experiencing a downturn, with a 7% decline in the last 24 hours and a 34% drop over the past week. The token, which surged by over 2,000% in May, has lost steam as the crypto market faced bearish pressure.

However, the deposit might also indicate a strategy to avoid potential losses if WIF continues to decline in value. Binance is known for its high liquidity, which could allow the whale to quickly sell a large stash of tokens at the desired price.

Moreover, the deposit could be part of a larger trading strategy, such as hedging against market volatility or preparing for an upcoming price movement. Without further context or链上 Chainanalysis, it's challenging to definitively determine the precise intent behind the massive WIF deposit into Binance.

News source：https://www.kdj.com/cryptocurrencies-news/articles/whale-deposits-m-wif-m-binance-days.html

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