Dogwifhat Tumbles On Multiple Factors

Dogwifhat, dog-themed meme coin, that saw a massive upside move recently has started falling triggered by a couple of factors. WIF price tumbled over 12% today as meme coin hype ended with the correction in GameStop (GME) stock price.

Among the top 100 cryptocurrencies based on market cap, meme coins such as WIF, BOME, PEPE, and FLOKI led the decline in the crypto market, confirming it’s a meme coin-led downfall.

WIF Price Plunges 12%

WIF price fell 12% in the last 24 hours, with the price currently trading at $2.58 at the time of writing. The 24-hour low and high are $2.53 and $2.89, respectively.

Whales and traders are selling dogwifhat to book profits early as GameStop and AMC Theatres prices tumbled after the recent FOMO for upside. GameStop price fell after a spectacular rally last week, dropping more than 20% today after hitting a 52-week high of $64.83.

A whale sold 732,481 WIF worth $1.85 million. This whale purchased the WIF holdings for $2.18 million but decided to sell complete WIF holdings at a loss. Other whales have reflected the same sentiment to offload their holdings in WIF.

Meanwhile, traders are also selling their positions in WIF as it even fails to reach short zones and chart patterns signal massive selling upcoming in dogwifhat.

Crypto analysts have pointed out $2.5 as the crucial support level to watch.  If WIF loses this support level, the next drop will be around $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 recently was triggered by GameStop rally. As the GME price fell, so did the meme coins including BOME, PEPE, and FLOKI prices.

Notably, derivatives traders have not started selling WIF. The WIF exchange futures open interest rose nearly 5% in the past 24 hours. The high confidence in derivatives traders could drive the market action next week. Traders are likely to crash WIF next week if the crucial support is broken.

Also Read: Michael Saylor Shares Bullish Bitcoin (BTC) Tip As Price Crosses $67K

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.