DogWifMAGA Coin Price Skyrockets as Presidential Elections Heat Up – Buy Now or Is This Other Coin the Real Winner?
The price of DogWifMAGA Coin has fallen by 73% in the past 24 hours, with the new meme token correcting heavily after a big launch at the start of the week.
Running on Solana, WIFMAGA had risen by as much as 50,000% in the day that followed its listing on Raydium, with the token trending on social media.
Yet it has plunged significantly today, with the coin’s founders likely dumping their bags on the retail investors who’d jumped on its bandwagon.
It may struggle to recover in any meaningful way, yet there are better alternatives available to traders seeking above-average gains, with multi-chain token Dogeverse one of the most promising new coins in the market right now.
There are two key features of DogWIFMAGA Coin’s chart, and both involve sharp declines.
Firstly, the token’s price has declined consistently ever since reaching a high on Tuesday, and at the moment it doesn’t look like it’s going to recover.
One reason for this pessimism is that, secondly, the coin’s volume has also dried up, suggesting a very quick loss of interest.
At the moment, its 24-hour volume stands only at $4 million, in contrast to $27 billion for Ethereum, for example, and $800 million for BONK (to take another Solana-based meme coin).
As such, it would be unwise to assume that it’s going to recover anytime soon.
This is particularly the case when its presence and fundamentals are minimal, even if some traders have been bigging it up in the past day.
SHAH check of #WIFMAGA less than 24hours old and First CEX before CMC/CG even listed. $WIF $MAGA@DogwifmagaCTO pic.twitter.com/zWYI1WyFtE
— Diogo Carvela (@diogocarvela) May 21, 2024
The coin’s only hope is that it attracts listings from major centralized exchanges, although its listing on Poloniex today has
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