WIF Price Jumps on Solana After Investor Move

On-chain analytics platform Lookonchain identified significant trading activity surrounding WIF, a recently launched memecoin on the Solana blockchain. In a post, Lookonchain revealed that an unknown large investor has been accumulating substantial amounts of WIF, potentially impacting the memecoin’s market performance.

Lookonchain provided transaction data highlighting the investor’s creation of a new wallet and the subsequent transfer of 1.83 million USDC to purchase WIF. As of the post’s publication, the investor had spent 606,000 USDC to acquire 227,896 WIF, leaving a remaining balance of 1.22 million USDC.

WIF’s price responded to this activity in the early hours of Monday’s trading session. The Solana-based memecoin opened at $2.53 and climbed nearly 7% within a few hours, reaching $2.69 at the time of writing, according to data from TradingView.

The full impact remains unclear, with the investor still holding a significant portion of their USDC. WIF’s price could potentially rise further and attract additional users, leading to a larger buying pool within the memecoin’s ecosystem.

It’s worth noting that Lookonchain’s observation coincides with a price surge in SOL, the native token of WIF’s parent blockchain, Solana. SOL has gained 25% in less than a week, suggesting a potential return of bullish sentiment for the layer-one blockchain protocol.

TradingView data shows that SOL bounced off the 0.618 Fibonacci retracement level on the daily chart last Wednesday. Since then, the scalability-focused project has seen an impressive rise, surpassing both the 0.5 and 0.382 Fibonacci levels. These developments have captured the attention of many crypto users, leading to speculation about a possible resumption of the broader crypto market rally.