Sharp Decline
Dogwifhat (WIF), the Solana meme coin, has seen a significant drop in value this week, falling below $2. This double-digit decline reflects waning investor interest in the popular meme coin.
Selling Pressure
The crash has been driven by selling pressure from investors. Over $16 million worth of WIF tokens have been sold off in the past week, including large sums from anonymous whales. This selling pressure has triggered a decline in Dogwifhat’s market value.
Whale Activity
Data from Lookonchain shows that a whale recently deposited 12.66 million WIF tokens, worth $23.4 million, to Binance. This transaction suggests a potential sell-off, which could further drive down the price.
Poor Performance
Dogwifhat’s performance has been poor since June, with declines exceeding most other meme coins. It has lost almost 40% of its value in the past month.
Market Outlook
If selling pressure continues, WIF’s price could fall below $1. CryptoQuant CEO Ki Young Ju believes that the dominance of meme coins in the altcoin market is waning. He urges investors to shift their focus to fundamentals rather than gambling on meme-based cryptocurrencies.
