DogWifHat Holders Move to New ICO, Targeting 1,000% Gains
Popular Solana meme coin DogWifHat ($WIF) is having a bad day.
The price of the over $2 billion market cap coin sank 8.6% overnight and 12% over the week to trade at $2.33 at the time of writing.
The only meme coin that faired worse among the ten biggest was Floki ($FLOKI). Floki dropped 10% overnight and a staggering 30% over the week to trade at $0.0001838.
Compared to its competitors, the $19.4 billion market cap Dogecoin ($DOGE), which launched back in 2013 and inspired both Floki and DogWifHat, posted more muted losses of 3% overnight and 8% over seven days to trade at $0.1321.
Accordingly, market leader Bitcoin ($BTC) is also down today.
However, Bitcoin’s losses are nowhere near as bad as those found among typical meme coins.
The world’s number one cryptocurrency only shed 2.3% overnight and 5.1% over the week to trade at $65,134.
DogWifHat’s trading chat shows the token has generally found resistance at $3.50, although at the end of May it briefly hit $4 before correcting to its current position. The meme coin hit an all-time high of $4.83 on March 31, although its current price suggests a pullback of more than 50%.
Its relative strength index (RSI) right now is 32 and falling, which indicates heavy selling pressure that could continue throughout the day to depreciate the token further.
If the support at $2.10 doesn’t hold (green line) then WIF may be heading back to $1.50.
DogWifHat’s native blockchain, Solana, is cultivating a thriving community to compete with Ethereum for commerce.
Solana currently hosts a digital economy storing over $4.2 billion in total value locked (TVL) across various apps and financial services, with 1.6 million active users transacting daily and over 2,500 monthly active developers.
When the
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