A whale investor recently made a significant move in the cryptocurrency market by depositing 12.66 million Dogwifhat (WIF) tokens worth $23.4 million into Binance, the world's largest cryptocurrency exchange. This massive transaction took place over two days and had a profound impact on the WIF token price.

The WIF token, which is based on the Solana blockchain, saw a significant price drop of nearly 19% in just two days. This drop is likely due to the whale's massive dump of WIF tokens. The token is currently trading near $1.80 and has experienced a 4.5% price drop in the last 24 hours. Over a longer period, WIF has seen a 26% price drop in the past seven days and a 40% price drop in the past 30 days.

Despite this significant price drop, the WIF open interest (OI) has gained considerable attention from investors, rising by 7% in just 24 hours. This surge in OI suggests some whales or institutions are showing interest in WIF tokens as their price has fallen more than 40% in a month.

Technical analysis suggests that WIF is currently looking bearish and is at a strong support level of $1.70. If the WIF token price falls below this crucial level, there is a high possibility of a significant price drop to $1.

The bearish sentiment in the market is largely due to the continuous price drop in top crypto assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB). These top assets have experienced a continuous price decline over the last month, turning the whole market bearish. As of now, the overall cryptocurrency market is down by 0.66%, whereas, BTC, ETH, and SOL experienced 0.2%, 0.5%, and 2.5% of price surges in the last 24 hours.