Crypto Whales Buy dogwifhat During The Dip And This New Meme Coin

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Crypto whales have helped popular Solana coin DogWifHat ($WIF) to close in on a three-month high in spite of a bearish meme coin market today.

Meme coin markets contracted 10% today and now command a collective market cap of $50.6 billion.

Many of the leading projects are keeping pace, with the $16 billion sector leader Dogecoin ($DOGE) and its $10 billion rival Shiba Inu ($SHIB) both dropping 8% in the last 24 hours down to $0.1101 and $0.00001695 respectively.

By contrast, Bitcoin ($BTC), the trillion-dollar original cryptocurrency, holds the fort with a gentler 1.5% drop in the last 24 hours to set a price around $62,676.

DogWifHat’s descent in the last 24 hours has mirrored that of Solana’s $SOL coin. Both dropped 3.7% in the last 24 hours with $WIF now commanding a price of $2.35.

While that alone doesn’t suggest great performance, $WIF has advanced 52.5% in the last fortnight, which is eye-popping next to Dogecoin’s measly 8.5% climb over the period.

Now DogWifHat is closing in on a three-month high, as shown by the red line below; the coin has strong support at $1.50 and is likely to weather any crash, if that’s what today’s falling prices are heralding.

A relative strength index (RSI) of 40 and falling means DogWifHat is close to being oversold.

This is actually an indicator that things could turn around quickly for the token and prices are likely to climb again before the weekend.

DogWifHat may be a part of the meme coin establishment, but unlike virtually any of its other canine companions, it has no discernible utility.

The days of just-for-laughs meme coins like DogWifHat may be over soon, with several new projects