Is DogWifHat Token Doomed? WIF Plunges Below $2 As Tiny $0.00072 Rival Steals Spotlight
Popular Solana meme coin DogWifHat ($WIF) is recovering today after plunging below the crucial $2 psychological support level yesterday.
The token bottomed at $1.93 yesterday evening UTC before rising to its current level of $2.04. Today’s price reflects a 24-hour depreciation of 3.6%, and a seven-day drop of around 22.6%.
Of the five largest canine-themed meme coins, DogWifHat was the only one to post overnight losses. By contrast, market leader and original meme coin Dogecoin ($DOGE) grew 3% over the last 24 hours, but fell 11% over the last seven days.
The other popular dog coins—Shiba Inu ($SHIB), Bonk ($BONK), and Floki ($FLOKI)—all rose in tandem with Dogecoin overnight, although all of them posted heavier seven-day losses than the OG meme coin DOGE.
Floki crashed hardest, falling a staggering 29% over the week to hit $0.0001718 as of this writing.
Crypto market leader Bitcoin ($BTC), which generally sets the tone for the rest of the market, remains at roughly the same price it was 24 hours ago: $65,314. This represents a 3.4% fall over the week.
DogWifHat is currently underperforming relative to its trajectory over the last three months.
On the chart, we can see that its current price represents a sustained fall below its crucial support level of $2.20 (green line). The token briefly broke above the key $3.50 resistance level (red line) to hit $4 on May 29, but since then it has spiralled down 49%.
The generally poor performance of shiba inu-themed meme coins this week highlights the volatility problem across the sector. Meme coins are the most speculative side of an already highly speculative industry. For them to stand a chance of making it, alongside Bitcoin and Ethereum, towards global adoption, they need to have
