Is DogWifHat Going to Crash? WIF Price Plummets 26% as Focus Turns to Fresh Bitcoin Alternative
DogWifHat (WIF) has lost 26% over the last week, making for some of the heaviest seven-day losses for a leading cryptocurrency today. It trades at $2.41 as of this writing, according to CoinGecko.
A slight pullback today has hit meme coins the hardest. Market leaders Dogecoin (DOGE) and its stalwart rival Shiba Inu (SHIB) both posted seven-day losses 0f around 18%.
Pepe (PEPE), the only non-canine coin in this criteria, trades around 20% lower than it did this time last week.
On the other hand, meme coins are also some of the fastest-recovering projects today. WIF added 10% over the last 24 hours. DOGE and PEPE also posted 24-hour increases of 13.5% and 12% respectively.
Earlier this week, the recently approved US spot Bitcoin ETFs posted their largest three-day outflow since launch. While the news doesn’t directly affect WIF, it indicates cooling hype around the investment products, which earlier this month helped push Bitcoin’s price to a new all-time high.
Over on WIF’s trading chart, we can see that for a meme coin, WIF was fairly stable throughout February going into March’s rally. Price movements became volatile a fortnight into March, as evidenced by the sharp dips, but the token has found strong recent support at $2.
Given the recent performance, a crash to below $2 is unlikely in the near term. WIF’s Relative Strength Index (RSI) sits at around 47, which is a Goldilocks zone indicating neither buying nor selling pressure.
Holding meme coins is a nerve-wracking affair. Due to the rapid nature of their price movements, which tend to reflect exaggerated price movements in the broader market, meme coin HODLers often find themselves eyeing prices more than most.
That’s why small-cap coin investors have to diversify their
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