Is DogWifHat on the Brink? WIF Price Dips 5% as Focus Turns to This Other Solana Meme Coin
Popular Solana meme coin DogWifHat ($WIF) is taking a tumble today as falling crypto prices across the board drag many coin prices down.
In the last 24 hours, WIF has fallen 4.8% and currently trades at $2.80. That makes it the biggest intraday loser among the top seven meme coins by market capitalization.
The market leaders’ depreciation over the same period was also more muted. Original cryptocurrency Bitcoin ($BTC) fell 2.5% and changes hands at $60,800. Ethereum ($ETH) only dropped 1.5% and currently trades for $2,956.
Original meme coin Dogecoin ($DOGE) tracked Bitcoin overnight and fell 3.2% to trade at $0.144 as of Thursday, May 05.
Meanwhile, Pepe Coin ($PEPE) actually rallied a bit.
The most popular coin honoring Pepe the Frog rose 0.2% to trade at $0.057923 as of this writing.
DogWifHat is still the leading Solana meme coin with a market capitalization of nearly $3 billion. WIF’s two closest contenders, the $1.5 billion market cap bonk Bonk ($BONK) and the $720 million Book of Meme ($BOME), have both fallen 2-3%.
Over on WIF’s trading chart we can see the token rallied in step with broader market movements throughout March.
Unlike the market leaders, WIF continued rallying strongly at the end of March and actually rose to set a new all-time high of $4.83 on March 31. Today’s price represents a 42% decline since then.
With a relative strength index (RSI) at 40 and climbing, WIF may have found the support it needs at its current price. This means that heavy further losses are unlikely going into the weekend.
DogWifHat is an adorable meme but it’s not exactly fresh. In a sector led by coins that have market caps in the tens of billions, it’s not likely to stand out over its more stalwart rivals.
Solana’sSealana
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