A significant portion of cryptocurrency investors are overly eager to profit from speculative price movements. The excitement that started with DOGE, SHIB, and others continues years later with relatively lower market value meme coins. The problem is that they can’t stay in the spotlight as much as DOGE and SHIB. For instance, BONK and PEPE quickly lost interest.
What is Dogwifhat (WIF)?
Meme coins based on Solana have whetted the appetite of the Avalanche team, and they announced a meme coin fund at the end of last year. However, interest continues to stay within the Solana network with BONK and now WIF Coin is in the spotlight following many low-market-value altcoins.
The popularity of the Solana-based meme coin Dogwifhat (WIF) has been increasing significantly, leading to major price hikes and causing exchanges to line up to list it. This is not the first time we’ve seen this; PEPE Coin also drew attention on the least voluminous days of last year and managed to get listed on major exchanges.
After Solana (SOL) rallied in the last quarter of 2023, many meme coins in its ecosystem attracted investors’ attention. This actually turned into a gamble at one point because tokens bought over DeFi on their launch day either went to zero in the same days or were dumped on newcomers, causing massive losses in this way.
Should You Buy WIF Coin?
WIF reached an ATH of $0.5317 due to the announcement of its listing on Binance and Kucoin. However, the price continues to fluctuate in double digits. Since December, WIF has been the focus of whales chasing high risk. The massive growth achieved by BONK Coin in a short time and the rapid increase in the price of SOL Coin whetted their appetite.
Earlier this month, a Solana wallet tagged as “binance-insider” bought $8.65 million worth of WIF Coin. Subsequently, much more speculation swept through social media, and the price experienced significant increases with excessive demand.
For now, investors should know that the price is in a very dangerous zone. The intense early interest of whales makes it difficult to predict when rapid profit-taking will begin.
For the time being, if the price, which is testing the upper trend resistance line of the channel, turns from here, it could fall to $0.335. Lastly, investors should be aware that meme coins are speculative assets that are worthless and fluctuate solely based on demand. High volatility and even the risk of the price dropping to zero should not be ignored.
