WIF Price Nosedives 28% in a Week – Is Dogwifhat Going to Zero as AI Platform Soars?
As the Dogwifhat (WIF) price nosedives 28% in one week and threatens a breakout to new multi-month lows, traders are worrying that the WIF price might be going to zero.
The WIF price was last trading just below $1.59, down 33% from earlier weekly highs in the $2.36 area.
That means that WIF is now down over 60% from its late May highs above $4.0.
Meme coins like Dogwifhat and its major competitors have no utility and are inherently worthless, argue meme coin critics.
That suggests that, in the long-run, their prices will go to zero.
Critis then cite price action like that seen in the last few weeks, i.e. a rapidc 60% drop, to justify their viewpoint that meme coins are worthless and dangerous.
Meme coin proponents will hit back that meme coins like Dogwifhat gain their utility from community.
And Dogwifhat has a whopping community – WIF’s official X profile has 91,200 followers and its Telegram has close to 40,000.
Happy Birthday USA.$WIF pic.twitter.com/5UIaQ3OZxq
— dogwifcoin (@dogwifcoin) July 4, 2024
That’s a community that should give the meme coin some staying power.
Dogwifhat’s market cap was last around $1.58 billion, making it the biggest meme coin on Solana.
Solana is a blockchain with huge growth potential. And as this growth potential is fulfilled over time, WIF is likely to remain a leading meme coin.
That being said, the WIF price is unlikely to go to zero anytime soon.
However, its already fairly large market cap means its long-term growth prospects might be limited to a maximum of 10x.
Many meme coin investors will be looking for much bigger upside.
The best way to secure those larger gains in the meme coin market is by getting into a new meme coin early.
And one of the best ways to do this
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