Is Dogwifhat Doomed? WIF Price Falls Under $2 as AI Meme Coin Raises $7.2 Million
Popular Solana meme coin DogWifHat ($WIF) failed to hold the crucial $2 psychological support level yesterday and plunged 7% overnight to its current price of $1.73.
The token bottomed at $1.58 in the early hours UTC today before rising to its current level. Its current price reflects a heavy seven-day drop of around 24%.
DogWifHat was the only one among the five largest canine-themed meme coins to post overnight price losses of more than 5%.
Market leader and original meme coin, Dogecoin ($DOGE), dipped 1.2% over the last 24 hours and fell 13% over the last seven days.
Two popular dog coins—Shiba Inu ($SHIB) and Bonk ($BONK)—actually rose overnight. $SHIB added 2.3% while $BONK added 5.2%, although the pair posted seven-day losses of 3% and 1.2% respectively.
Floki $FLOKI tracked Dogecoin closely, falling 1.4% overnight and 15% over the week to hit $0.0001443 as of this writing.
Crypto market leader Bitcoin ($BTC) fell 0.3% overnight and 8.7% over the week to change hands at $57,397.
Its number one contender, Ethereum ($ETH), rose 1.3% overnight but fell 12.3% in seven days to its current price of $3,050.
DogWifHat is underperforming relative to its trajectory over the last three months.
The meme coin previously found resistance at $3.50 and support at $2.50 throughout May, however it’s now finding bottoms at $1.50, as shown by the green line. This indicates fallen support.
A rising Relative Strength Index (RSI) of 48 is a sign of possible short-term stability but continued losses by market leader Bitcoin will likely depreciate DogWifHat’s price further.
Meme coins are the most speculative side of an already highly speculative industry.
That means when Bitcoin is not doing so well, the price performances of meme coins like
Read more on cryptonews.com
