DogWifHat in Danger? WIF Price Tumbles 17% as New Solana Meme Coin Gains Momentum
Popular Solana meme coin DogWifHat (WIF) appears to be wobbling hard after shedding 17% of its value in the last 24 hours to trade at $3.69 as of this writing.
WIF’s decline is part of a broader market pullback today that shaved around 5% from market leaders Bitcoin and Ethereum overnight.
At $66,313, Bitcoin currently trades at 10% shy of its all-time high (ATH) 0f $73,737.94, posted on March 14, 2024. Ethereum changes hands at $3,342, more than 30% down from its ATH of $4,878, posted on November 10, 2024.
Generally speaking, crypto has spent most of the year so far rallying. However, last Thursday concluded one of the industry’s most infamous chapters in recent history.
Sam Bankman-Fried, the former CEO of the industry’s biggest casualty and one of the largest bankruptcies in history, FTX, was sentenced to 25 years for multiple charges, including fraud and conspiracy after he siphoned billions of dollars in FTX customers’ money to its sister company Alameda Research.
It seems this reminder of crypto’s wilder days, together with cooling demand for spot Bitcoin ETFs, has together brought crypto prices down across the board.
Over on WIF’s trading chart we can see significant but volatile appreciation in throughout much of last month. About three weeks into April, WIF posted something like a bull run as it rallied from a support level just north of $2, up an ATH of $4.83 on March 31.
Today’s price is about 22% short of that, however, WIF’s relative strength index (RSI) is at 34 and appears to be falling. Should it fall to 30, the point when a stock is “oversold”, it is likely that prices will stop tumbling as the market rebalances.
WIF may have posted some bullish price action recently, however, it’s not likely to flip stalwart
