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Especially in March, Dogwifhat, which saw a significant rise and attracted all attention, seems to be in decline due to the emergence of several factors. Discussions have emerged about the potential end of the meme coin process following the correction that started after the rise in GameStop (GME). During this period, WIF’s price dropped by more than 8% today. WIF led the decline of its competitors in the top 100 cryptocurrencies by market value, such as BOME, PEPE, and FLOKI.
WIF Price Drops
WIF’s price has seen a notable drop of over 8% in the last 24 hours. After the decline, the meme coin’s price is at $2.57 at the time of writing. The lowest and highest price levels seen in the last 24 hours were $2.53 and $2.89, respectively.
Whales and traders have been selling dogwifhat to make early profits following the recent upward FOMO in GameStop and AMC Theatres prices. GameStop saw a decline after last week’s rise, losing more than 20% in value after reaching $64.83, marking the highest level in 52 weeks.
During this period, a whale sold 732,481 WIF worth $1.85 million. This whale had purchased the WIFs for $2.18 million but sold all of them at a loss, attracting attention. It is thought that other whales might feel the same and liquidate their WIF positions.
On the other hand, whales are trying to liquidate their WIF positions before reaching short liquidation zones, and chart patterns indicate potential large sales in dogwifhat.
Crypto analysts have identified $2.5 as the key level to watch for WIF. If WIF potentially loses this support level, the next drop could be to $1.6.
Is the Meme Coin Craze Over?
The meme coin craze, which revived during the week, emerged after the rally in GameStop. With the decline in GME price, noticeable drops were seen in meme coins, including BOME, PEPE, and FLOKI.
On the other hand, it was also seen that derivative investors had not started selling WIF. The open interest in WIF futures increased by approximately 5% over the last 24 hours. The high confidence among derivative investors could guide market movement next week. If the important support level is broken, investors might push WIF to lower levels next week.
