Dogwifhat, dog-themed meme coin, that noticed a large upside transfer not too long ago has began falling triggered by a few elements. WIF value tumbled over 12% as we speak as meme coin hype ended with the correction in GameStop (GME) inventory value.
Among the highest 100 cryptocurrencies primarily based on market cap, meme coins comparable to WIF, BOME, PEPE, and FLOKI led the decline within the crypto market, confirming it’s a meme coin-led downfall.
WIF Price Plunges 12%
WIF value fell 12% within the final 24 hours, with the value at present buying and selling at $2.58 on the time of writing. The 24-hour high and low are $2.53 and $2.89, respectively.
Whales and merchants are promoting dogwifhat to guide earnings early as GameStop and AMC Theatres costs tumbled after the current FOMO for upside. GameStop value fell after a spectacular rally final week, dropping greater than 20% as we speak after hitting a 52-week excessive of $64.83.
A whale bought 732,481 WIF price $1.85 million. This whale bought the WIF holdings for $2.18 million however determined to promote full WIF holdings at a loss. Other whales have mirrored the identical sentiment to dump their holdings in WIF.
Meanwhile, merchants are additionally promoting their positions in WIF because it even fails to achieve brief zones and chart patterns sign large promoting upcoming in dogwifhat.
Crypto analysts have identified $2.5 because the essential help stage to look at. If WIF loses this help stage, the subsequent drop will likely be round $1.6.
Also Read: Popular Analyst Reveals Trading Alert for Bitcoin ETF, BTC Price To $80K?
Is Meme Coin Mania Over?
The meme coin hype seen not too long ago was triggered by GameStop rally. As the GME value fell, so did the meme cash together with BOME, PEPE, and FLOKI costs.
Notably, derivatives merchants haven’t began promoting WIF. The WIF alternate futures open curiosity rose almost 5% previously 24 hours. The excessive confidence in derivatives merchants might drive the market motion subsequent week. Traders are more likely to crash WIF subsequent week if the essential help is damaged.
Also Read: Michael Saylor Shares Bullish Bitcoin (BTC) Tip As Price Crosses $67K
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