Dogwifhat Collapses in Meme Coin Bloodbath, New Rival Raises $6.7 Million

cryptonews.com:

As DogWifHat’s price collapses in a complete meme coin bloodbath, smart money meme coin traders are rotating profits rapidly into an emerging meme coin layer-2 that has already raised $6.7m.

In this article, dive into WIF price trends and discover how this new layer-2 meme coin ecosystem could change the meme coin paradigm this Autumn.

Damn $WIF looks poopoo

Broke market structure to the upside, but then just nuked straight through supports + fib levels

Trip untapped lows below…. sigh

Reclaim some levels or take out the lows? Ur guess is as good as mine

Guess I'll just bag hold it and hope for the best pic.twitter.com/zgdb2fcZox

— CRG (@MacroCRG) August 2, 2024

In what many are branding a capitulation move, the DogWifHat price has seen a huge rejection from a failed breakout turned exit rally, which has led to a complete breakdown in chart structure.

WIF price has entered calamitous territory as price action continues to tumble. Consequently, DogWifHat is currently trading at a market price of $1.90 (representing a 24-hour change of -3.06%).

This comes after a pained rejection saw WIF holder’s hopes crushed when a promising breakout move stalled around a layer of resistance between $2.80-$2.95.

With holder bank confidence shaken, double-barreled rejection saw price drop into a cascade – with WIF notably losing key support from both the 20DMA (which remains at $2.35) and the psychological level at $2.

So far, the multi-day tumble has seen the WIF price bleed out a dramatic -33%, a move no doubt exacerbated by a wider downturn across the meme coin vertical.

But while a glimmer of hope can be found in the RSI indicator, which shows that the WIF price significantly cooled off at an enviable 38.77, the devastation of this downside must