Last week, several projects including the Solana-based dogwifhat (WIF) caught attention with their significant price increases in the meme coin sector. On the other hand, price declines in projects like Shiba Inu (SHIB) and Dogecoin (DOGE) have led to speculation about whether the rise in meme coins has come to an end. Some analysts suggest that the downturn could be due to strategic sales by investors, while others are looking for answers as to whether this could trigger a regression in meme coins.
Dogwifhat (WIF) Surpasses $2
The world of cryptocurrency was marked by meme coins last week. Today, despite price drops in leading meme coins like SHIB and DOGE, market participants maintain an optimistic view on meme coins. Analysts continue to comment on how the declines in SHIB and DOGE could influence other meme coins.
Despite all this, dogwifhat (WIF) has surpassed the $2 level during this period, once again demonstrating increasing investor confidence. Previously, BitMEX co-founder Arthur Hayes had expressed an optimistic view that this cryptocurrency could exceed the $2 level.
On the other hand, other meme coins like Pepe Coin (PEPE) and Floki have continued their rise, indicating an even greater confidence in the market for meme coins.
The Future of WIF
Despite WIF surpassing the $2 level, attention has turned back to the price drops in Dogecoin and Shiba Inu. Some investors are evaluating this decline alongside the latest liquidation data indicating significant sales.
As meme coins have not hosted such a surge for a long time, some investors might have seen this as an opportunity to book profits. Data provided by CoinGlass shows that in the last 24 hours, Dogecoin had a total liquidation of $40.85 million, while Shiba Inu experienced a liquidation of $26.28 million.
Despite short-term price fluctuations, the outlook for meme coins seems positive in the broader perspective due to increasing interest and adoption. As of writing, the price of dogwifhat has found buyers at around $2.13, up approximately 16%, while its 24-hour volume has risen by 137.28% to $1.3 billion.
Meanwhile, Dogecoin’s price has fallen by 4.87% to $0.1695 in the last 24 hours, and Shiba Inu is finding buyers at $0.00003704, down 4.84%.
