Dogwifhat, dog-themed memecoin, that witnessed a substantial upside move recently has commenced descending triggered by a couple of elements. However, WIF value plummeted over 12% today as memecoin craze concluded with the correction in GameStop (GME) stock price. In addition, Among the top 100 cryptocurrencies based on market cap, memecoins such as WIF, BOME, PEPE, and FLOKI spearheaded the decline in the crypto market, affirming it’s a meme token-led downfall.
Dogwifhat (WIF) Price Plummets 12%
WIF value dropped 12% in the past 24 hours, with the value 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 offloading dogwifhat to lock in profits early as GameStop and AMC Theatres prices descended after the recent FOMO for upside. Meanwhile, GameStop value descended after a spectacular rally last week, plummeting more than 20% today after reaching a 52-week high of $64.83.
A whale sold 732,481 WIF worth $1.85 million. In addition, this whale procured the WIF holdings for $2.18 million but opted to sell complete WIF holdings at a loss. Other whales have echoed the same sentiment to unload their holdings in WIF.
Meanwhile, traders are also liquidating their positions in WIF as it even fails to reach short zones and chart patterns signal extensive selling upcoming in dogwifhat. Crypto analysts have identified $2.5 as the pivotal support level to watch. If WIF loses this support level, the subsequent drop will be around $1.6.
Is The Memecoin Craze Over?
The memecoin hype witnessed recently was instigated by GameStop rally. Moreover, as the GME value descended, so did the memecoins including BOME, PEPE, and FLOKI values.
Notably, derivatives traders have not begun offloading WIF. Moreover, the WIF exchange futures open interest surged nearly 5% in the past 24 hours. The high confidence in derivatives traders could steer the market action next week. Traders are likely to crash WIF next week if the pivotal support is breached.
