Dogwifhat To The Vet! Meme Coin Needs Medical Attention After Price Plunge — Analyst
April 14 2024 - 5:00PM
NEWSBTC
Dogwifhat (WIF) witnessed a sharp decline, with its price
plummeting by nearly 20% over the past 24 hours. This latest
downturn marks a continuation of the downward trend that began in
late March, culminating in a significant 40% decrease. Related
Reading: Bitcoin Below $70,000: Is $80K Still Possible, Or Is The
Rally Over? Analysts Raise Concerns: ‘It Needs To See A Vet’ The
drastic price drop has prompted analysts to voice their concerns,
with one commentator humorously remarking, “It needs to see a vet.”
The analogy underscores the severity of the situation, suggesting
that Dogwifhat’s current state requires careful attention and
intervention. I think the dog is going to take off the hat for a
bit. Across every timeframe $WIF looks like it needs to see a vet.
It probably ranges for some time, enough to get people moving on
and doubting its long term place in this market (it stands with
$DOGE now imo).. The next pump… pic.twitter.com/bG4vum8GEh — HORSE
(@TheFlowHorse) April 12, 2024 While the surge in trading volume
may signal short-term interest, analysts remain cautious,
emphasizing the need for a thorough assessment of the coin’s
health. Mixed Predictions: Uncertainty Looms Over Dogwifhat Future
Amidst the uncertainty, analysts are divided on the future
trajectory of Dogwifhat. Some foresee a continuation of the bearish
trend, anticipating further dips in the coin’s value. However,
others adopt a more optimistic stance, suggesting that while
short-term challenges persist, Dogwifhat may offer significant
returns in the long run. One analyst predicts a period of ranging
for WIF, followed by a stronger pump, hinting at a potential summer
resurgence for the embattled coin. Bitcoin is now trading at
$64.752. Chart: TradingView According to CoinMarketCap data,
Dogwifhat overtook Pepe (PEPE) on March 29 to take the third spot
as the largest meme coin in terms of market capitalization. But
Dogwifhat’s elation turned out to be fleeting. In comparison to the
meme coin market as a whole, the Solana meme coin category, which
included WIF, saw a more severe decline. WIF weekly price action.
Source: Coingecko This implies that conditions unique to Solana
meme currencies, like as network bottlenecks or worries about the
capacity of the platform, may be causing the price decline. Other
Meme Coins Take A Hit Meanwhile, as the fate of Dogwifhat hangs in
the balance, its decline has reverberated across the meme coin
landscape, impacting other notable cryptocurrencies in the market.
Coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Floki
(FLOKI), and Bonk (BONK) have all registered significant dips in
the wake of WIF’s downward spiral. Related Reading: Uniswap
Bloodbath: UNI Price Crashes 16% On SEC Lawsuit Fears The
interconnectedness of these meme coins underscores the volatility
inherent in the cryptocurrency market, where price movements in one
asset can trigger cascading effects across the ecosystem. Featured
image from Pexels, chart from TradingView
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