Dogwifhat (WIF) has long been among the intriguing meme tokens in the cryptocurrency sector. With numerous investors supporting the meme token, it witnessed substantial growth. However, recent price fluctuations have caused traders significant issues regarding WIF’s price movement.
WIF Liquidations
In the last 24 hours, over one million dollars in long positions were liquidated. This occurred due to a significant price drop WIF experienced during this period. The meme token’s price fell by 7.26% and was trading at $2.59 at the time of writing. This decline may not be a temporary correction and could be part of a larger trend. Additionally, WIF’s price has been falling since early May.
During this period, the token exhibited multiple lower highs and lows, indicating a bearish trend. The Chaikin Money Flow (CMF) also dropped significantly, indicating a decrease in overall money flow into the token. Furthermore, the Relative Strength Index (RSI) also declined, suggesting a significant reduction in bullish momentum around WIF.
Santiment Reports on WIF
If WIF’s price continues to face this kind of selling pressure, it may soon drop below $2.4794. Experts’ analysis of Coinglass data showed that the percentage of short positions taken by bears increased to 52% in recent days. Investors’ overall approach could further drag WIF’s price down in the future.
Additionally, an examination of Santiment data revealed a significant decrease in social volume around WIF. This could indicate an increase in negative comments about the token. Decreasing social volume, combined with declining weighted sentiment, could create significantly high selling pressure. Over the past week, WIF’s competitors DOGE, SHIB, and FLOKI saw positive price increases. If this trend continues, WIF could lose a significant market share.
