A widely followed cryptocurrency analyst and trader is offering his take on a real-world asset (RWA) project that’s skyrocketed by over 40x since December of 2023.

The trader pseudonymously known as Sherpa tells his 222,500 followers on the social media platform X that the RWA blockchain MANTRA (OM) is a “strong project.”

“OM still is in the same trading range and has held up way better than most other altcoins. I’m still in this one as a RWA bet for this cycle and I think that we’ll still see some more chop for a bit before the next leg up.”

At time of writing, OM is trading at $0.968, up by around 4,108% since the December 4th low of $0.023.

Next up is the Solana-based memecoin dogwifhat (WIF). The widely followed analyst says that the Solana-based memecoin is in a “decent” support zone but is unlikely to surge to a new all-time high “any time soon.”

“Guessing we still see more chop and consolidation around this area [between $1.44 and $1.96]. Best to be patient.”

At time of writing, WIF is trading at $1.48, around 70% below the all-time high price of $4.83 reached in March.

Next up is the layer-one blockchain Injective (INJ). According to Sherpa, INJ’s chart on the daily time frame appears bearish with no end in sight.

“Lower highs across the board. Should bounce *somewhere* but I don’t know where the real bottom is. Personally, I doubt it reaches former all-time high this cycle but I could be wrong.”

At time of writing, INJ is trading at $15.98, about 70% below the all-time high of $52.62 reached on March 14th.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Solana-based meme coin dogwifhat has jumped 12% and has ranked as the top gainer in the market today.

At the time of writing, dogwifhat (WIF) was still up 11.5%, trading at $1.58 per price data from crypto.news. The crypto asset’s daily trading volume was hovering around $598 million while its market cap had risen to $1.58 billion. Following the latest price increase, the dog-themed meme coin has taken 55th place among the cryptocurrencies by market cap.

WIF’s recent surge is fueled by the recent whale accumulation of Dogwifhat tokens, with one whale acquiring over 9.57 million WIF tokens, worth $13.59 million, within just four days. Another whale used 1.4 million USDC to purchase 643,832 WIF tokens, making them the largest holder with 28.66 million tokens. Thie trend indicates growing investor confidence in WIF’s potential rebound, even after a 67% drop in value over the past year.

WIF remains the fourth-largest memecoin by market capitalization and the top Solana-based memecoin.

Data from Coinglass reveals that WIF’s total open interest jumped by 12.7% in the last day, increasing from $187.97 million to $211.8 million, reflecting growing trader engagement and anticipation of potential price movements.

Data from the market intelligence platform also shows that WIF’s aggregated funding rates are currently at -0.0015%, signalling a bearish sentiment among traders regarding WIF’s price outlook.

WIF’s current price positions it near the middle Bollinger Band, around $1.58, which often acts as a dynamic support or resistance level. Meanwhile, the MACD line has recently crossed above the signal line, suggesting a possible bullish momentum shift.

If the price is sustained above the middle band, it could attempt to move towards the upper Bollinger Band at around $1.90. However, if the price fails to hold above this middle band, it may face further consolidation or a pullback toward the lower band around $1.25.

Meanwhile, a descending triangle emerged between late July and August, characterized by steadily declining highs and a firm support level. This formation typically hints at a potential bearish breakout, especially if the price breaches the established support line.

WIF’s recent price surge aligns with a broader uptick in the meme coin market, which has increased by 5.7%, reaching a total valuation of $ 40.6 billion over the past 24 hours. Alongside WIF, other notable meme coins like Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have also seen gains, rising by 5.7%, 6.6%, and 4.3%, respectively.

Meanwhile, the global crypto market has also experienced a 1% surge, bringing it to a total valuation of $2.16 trillion. Bitcoin (BTC) is also in the green, up 2.1%, and it is exchanging hands at $58,895.

The largest non-exchange holder of Solana (SOL)-based memecoin dogwifhat is continuing to accumulate WIF, according to on-chain data.

Blockchain tracking firm Lookonchain says the Solana address that begins with “mmEAfW” has recently accumulated hundreds of thousands of WIF.

“The largest holder of WIF spent 1.54 million USDC to buy 800,556 WIF at $1.92 again!

This whale currently holds 28 million WIF ($53.23 million), and the profit on WIF has exceeded $77 million!”

Last week, Lookonchain shared a chart showing the whale’s accumulation process, buying aggressively during the run-up in March before offloading profits in April and May and then slowly reaccumulating again now.

At time of writing, WIF is trading at $1.86.

Lookonchain also spotted another whale over the weekend depositing massive amounts of Bitcoin (BTC) into Binance, the largest crypto exchange in the world, presumably to sell on the open market.

According to the blockchain tracker, the whale made millions of dollars in profits after months of holding BTC.

“A whale deposited 590 BTC ($38 million) into Binance to sell after the BTC price rose, making more than $15 million!

This whale bought 590 BTC ($22.7 million) from Binance at an average price of $38,472 on Oct 20, 2023, Feb 21, and April 16, 2024.

Address:
18Txv4w4J31Un1gHBnxd6mPdNrkMaSvrJJ”

At time of writing, Bitcoin is trading at $64,145.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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