WIF Price Crashes 11.1% Amid Meme Coin Sell-Off – Is Dogwifhat in Serious Trouble?
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Popular Solana meme coin DogWifHat ($WIF) tumbled more than 11% in 24 hours amidst a market-wide sell-off, according to data posted in the early hours of the morning UTC.
DogWifHat’s descent has now slowed and as of this writing, the token has lost 6% in 24 hours and about 10% over the last seven days to trade at $2.45.
In fact, $WIF is the worst performing of the five canine-themed tokens among the top ten biggest meme coins by market cap.
Original meme coin Dogecoin ($DOGE) dropped 2.7% overnight, but it is currently surging 23% higher than it was this time last week as it retails at $0.1419.
However, most meme coins are down today. The meme coin sector contracted 3.6% in 24 hours and now commands $62 billion of the $2.42 trillion crypto market. The collective crypto market also contracted by about 3.5% overnight.
Despite DogWifHat’s relatively heavy losses today, the token is still trading at close to double the price it was 30 days ago. $WIF is now challenging a $3 resistance level that it last encountered back in mid-July.
DogWifHat found strong support at $1.50 throughout the headwinds in August and September. The token’s fallen RSI score of 29 indicates it is now oversold and as a result is likely to be undervalued right now.
This means investors are likely to buy back in over the weekend, which should consolidate the token’s gains throughout the summer. In short: it may be a bad day for DogWifHat, but it comes amidst an encouraging year.
Given the volatile, whimsical, and ultimately nature of meme coins like DogWifHat, investors looking to support innovation in Web3 should allocate small and cast their nets wide to
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