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.
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.
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