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In the world of cryptocurrencies, despite Bitcoin reaching its ATH in 2024, it would not be wrong to say that meme coins have made the biggest impact so far. One of the main reasons for this process was the meme coins that emerged on the SOL network. Among these, the most voluminous one, which briefly overtook PEPE, is WIF, but things do not seem to be going well for WIF at the moment. So, what is happening with WIF right now?
Dogwifhat Current Status
The open position (OI) of the Solana-based meme coin project Dogwifhat has decreased since July 27, amid the general market downturn, and traders think a critical support level could be retested soon.
CoinGlass data shows that on August 3, Dogwifhat’s (WIF) Open Interest data fell to $252.5 million, a drop of about 28% from its value of $353.4 million seven days earlier on July 27.
On the other hand, according to data provided by CoinMarketCap, WIF finds buyers at $1.70 on August 3, following a 35.48% drop since July 27. Many cryptocurrency investors think the $1.50 support level, which has gained importance recently, could be revisited.
Cryptorphic stated in an X post on August 2:
WIF is in a correction phase on the daily timeframe and will likely move towards the lower support trend line between $1.50 and $1.70.
Crypto commentator Scient suggested that the price is correcting towards the daily support zone.
Cryptocurrency analyst CryptoJack shared his opinion on the matter:
WIF’s price reached my previous target and is now falling again, likely to retest the $1.5 support.
Past WIF Prediction
The outlook of futures traders on the rapid recovery in WIF appears negative. Accordingly, it should be noted that if the WIF price rises to $1.80, a short position of $11.89 million will be at risk of liquidation. Conversely, if there is a possible 11% drop, the price falling to $1.50 would see $7.55 million in long positions wiped out.
The $10 price prediction made by former BitMEX CEO and current Chief Investment Officer of Maelstrom, Arthur Hayes, in March seems increasingly distant.
Hayes had posted on X on March 14, before WIF first visited $3, writing, “My hat stays off while I count to $10.”
