Why Has the Price of Dogwifhat Dropped Below 2 This Week

Byadmin

Jun 23, 2024
Why Has the Price of Dogwifhat Dropped Below 2 This WeekWhy Has the Price of Dogwifhat Dropped Below 2 This Week

Dogwifhat (WIF) is a meme token based on Solana that fell below $2 this week, experiencing a 26% pullback due to strong selling pressure.

Currently, the trading price of WIF is $1.75, with a 27-day decline of X%. Data from Solscan shows that WIF tokens worth over $160,000 have been sold by anonymous investors, leading to further market volatility.

Large investors, also known as whales, have also contributed to the selling. On October 22, Lookonchain reported that an anonymous whale transferred 200,000 WIF tokens worth $234,000 to Binance, which may indicate further decline.

A whale deposited 12.66 million $WIF ($234,000) to #Binance in the past 2 days. [link to tweet]

Since early October, Dogwifhat has dropped nearly X%, making it one of the worst-performing meme coins.

Read more: [link to article]

During the US election period, some meme tokens experienced significant volatility.

After reaching a new all-time high of $1.8 in October, Dogwifhat is currently the fourth largest meme coin with a market capitalization of X billion dollars.

Other leading meme coins, such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI), have seen slight increases, but WIF continues to decline, falling over 24% in the past 2 hours.

If the selling continues, the price of WIF may drop below $1. Ki Young Ju, CEO of CryptoQuant, noted the trend of meme coin dominance decreasing, indicating that investors are shifting their focus from speculative tokens to market fundamentals. [link to tweet]

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