Bitcoin sales have weakened, finding buyers at $61,732. Altcoins are turning green again. Some losses were erased yesterday. The recent dip to critical support levels gave many investors a chance to buy at lower prices. Since the overall market trend is upward, such dips generally bring profits to investors.
Dogwifhat (WIF) Coin
This year, the meme coin WIF was significantly affected by the recent BTC drop. Some crypto whales focused more on selling meme coins. For example, two crypto whales sold $26 million worth of PEPE and SHIB reserves. Such large moves by big investors can provide important insights into market sentiment.
Sassal, a prominent figure in the Ethereum community, wrote in his latest assessment:
“Everyone is upset because they believed scammers who said it was a ‘meme coin super cycle’ and listened to venture capitalists who wanted them to buy their crypto. Especially those trading their ETH for this dog-themed shit coin are suffering.”
While these criticisms continue to make noise on social media, WIF Coin interestingly started to rise. It increased by over 30% from the week’s low.
WIF Coin Comments
According to Lookonchain, one of the biggest WIF Coin investors spent $4.65 million to buy more tokens. The investor, holding a total of $50 million in WIF Coin, owns 23.39 million tokens. So, is the super cycle story for meme coins over? In crypto, what is generally bought is expectation, and even if there is no super cycle, investors trade on its possibility.
We see steps supporting the super cycle story on important networks like BNB Chain. For example, BNB Chain launched the Meme Innovation Campaign, committing $1 million to support new projects. Considering that 160,000 tokens were minted on the Solana network just this week, Sassal is right in many ways, but some meme coins seeing appropriate pricing for this story is possible with the support of networks like BNB.
SHIB and DOGE remain calm as new investors turn to alternatives with higher risk and reward ratios in the increasing competitive environment.
