Here’s Why The Dogwifhat Price Crashed Below $2 This Week
Release: 2024/06/23 01:00 Reading: 640
The Decline of Dogwifhat: A Meme Coin's Crash
Solana's meme coin, Dogwifhat (WIF), has plummeted beyond $2 this week, mirroring a trend of declining interest among investors.
Dogwifhat's 26% Crash
Trading at $1.8, Dogwifhat faces significant bearish pressure due to market volatility. Its value has nosedived 25.72% in the past week.
Heavy selling by WIF investors is driving the downturn. Data from Solscan reveals over $16 million in WIF sold by anonymous investors, including substantial quantities worth hundreds of thousands.
Whale Sell-Offs and Market Sentiment
Prominent whales are also shedding their WIF tokens. On June 22, Lookonchain reported a transfer of 12.66 million WIF (valued at $23.4 million) to Binance, often signaling an imminent sell-off.
Increased selling is likely to send Dogwifhat's price even lower.
WIF's Struggles
Since early June, Dogwifhat has underperformed, recording the sharpest decline among top meme coins, dropping nearly 40% in a month. In March, it reached a peak of $3.97, briefly surpassing Pepe as the third-largest meme coin by market cap.
Currently ranked fourth, Dogwifhat has a market cap of $1.8 billion, according to CoinGecko. While other major meme coins have seen slight gains, Dogwifhat has continued to decline, dropping 2.13% in the last 24 hours (Source: CoinMarketCap).
WIF's Future Prospects
If selling persists, WIF could plummet below $1. CryptoQuant's CEO, Ki Young Ju, has expressed skepticism about meme coins, stating that investors are shifting away from speculative investments toward fundamental analysis.
Ju advises leaving the meme coin market, suggesting that the era of easy profits from such cryptocurrencies may be nearing an end.
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