Is the dogwifhat Bubble About to Burst? Here’s What You Need to Know

cryptonews.com:

Popular Solana meme coin DogWifHat ($WIF) has lost 2% in the last 24 hours and 14% over the last seven days to trade at its current level of $1.70.

These are heavier losses than the cryptocurrency market leader, Bitcoin ($BTC). Over the same period, Bitcoin shed 11% over the week but added 0.5% overnight.

Given the massive uncertainty around crypto following Monday’s market-wide crash, many are wondering if a low-utility meme coin like DogWifHat will be able to weather further storms.

In reality, though, $WIF is still one of the best performing meme coins this week. Holders of Dogecoin ($DOGE) felt greater seven-day losses of 17%.

Dogecoin’s number one contender, the privacy-focused Shiba Inu ($SHIB), a meme coin which has its own Ethereum layer-2, Shibarium, dropped 16% over the period.

Pepe ($PEPE), the leading non-doge meme coin, fell 25% over the week.

Meanwhile, in the wider market, Ethereum ($ETH), the most commercially important cryptocurrency, crashed a heavy 23%. The $SOL coin underlying DogWifHat’s home chain posted the lightest intraweek losses this week, only shedding 8%.

According to DogWifHat’s price chart, the recent market crash almost sent the price of $WIF down to a dollar before the coin began a sprightly rebound. It’s still far away from challenging its recent resistance level of $2.90, but with a relative strength index ($RSI) of 59, the token is priced in well right now.

Investors looking for an exciting Shiba Inu meme coin beyond the “Big Five” of Dogecoin, Shiba Inu, DogWifHat, Floki and Bonk could diversify their portfolios with cross-chain meme coin Base Dawgz ($DAWGZ).

Like DogWifHat, Base Dawgz is another Doge-themed coin, this time its primary kennel is on Coinbase’s Ethereum Layer 2, Base, but it’s