The price of Dogfwifhat dropped by 16.5% in the past 24 hours and accumulates a 25% decline in the past 7 days as the tailwind provided by its recent listing on Coinbase appears to be fading.
Aside from the overall positive sentiment that Donald Trump’s victory prompted among market participants, WIF saw its price skyrocket from $1.92 to as much as $4.83 per coin on 13 November after the crypto exchange announced that it would make the meme coin available to users within its platform.
However, the price has been progressively declining since that peak as it has shed nearly 45% of its value.
This performance is consistent with the overall behavior of meme coins recently, although WIF shows the second sharpest decline in the past 7 days among the top 10 meme coins according to data from CoinMarketCap.
Other well-established names in the meme space like Dogecoin (DOGE), Bonk (BONK), and PEPE, have also seen double-digit drops of 11.5%, 20.4%, and 20.6% respectively during this same period.
Although the price is dropping, the number of WIF holders appears to be increasing, meaning that there’s still interest out there for the meme coin, especially now that its price has declined.
According to data from CoinCarp, the number of WIF holders has increased from nearly 189,000 to over 207,000 addresses.
Despite the turmoil, the project shared positive news recently as Binance.US started to receive WIF deposits on December 11. This goes to show the platform’s support for Dogwifhat and its growing community of followers.
WIF Still Hasn’t Touch Key Support Areas
Despite its short-term weakness, WIF has still delivered remarkable gains of nearly 1,400% so far this year. This shows the support of a growing fan base that believes in the project’s ethos and simplicity.
From a technical standpoint, the price is currently touching a critical trendline support. How this resolves in the near future may provide further indication of where the price of WIF could be headed in the short term.
A break below this area would leave the $1.86 horizontal support as the sole barrier that could prevent a full-blown collapse of the meme coin to the low-to-mid $1 range.
However, a rebound off the trend line would indicate that there is still demand for the asset and that buyers are taking advantage of this lower price to either open new long positions or expand their current exposure to WIF.
The Relative Strength Index (RSI) is approaching oversold levels at the moment after coming out of overbought territory back in mid-November. This latest decline is not necessarily unexpected for WIF considering the significant gains that the token has experienced in 2024.
The overall macroeconomic landscape is favorable to the token’s performance still, which means that any short-term weakness at this point can be interpreted as a normal pullback rather than a full-blown change in the prevailing upward trend.
This Solana Layer-Two Project Still Has Significant Upside to Offer
The positive performance of WIF this year is not a rarity among Solana-based tokens as this blockchain has already demonstrated its ability to overshadow Ethereum amid its efficient functioning and low cost.
However, as the network continues to grow and attract a higher number of developers and Web 3 entrepreneurs, it may experience some congestion along the way.
To solve that potential obstacle to success, a new project called Solaxy has emerged as a suitable solution to guarantee that the Solana blockchain can continue to scale up reliably.
The native token of this layer-two protocol, $SOLX, is currently available in presale and it has already raised $2.9 million from investors across the globe who believe that this kind of protocol can attract significant interest from the Solana community.
The rise of meme coins and other similar Solana-based tokens will at some point put the network’s capacity to execute and settle transactions rapidly and cheaply to the test. Solaxy comes to serve as an ally to Solana’s continued success through off-chain processing and transaction bundling mechanisms.
The presale of $SOLX ends in less than 36 hours and you still have the chance to buy the first tokens that will ever be available for this innovative L2 at an entry price of $0.00157.
To buy your first $SOLX, you simply have to visit the project’s website, and connect your wallet (i.e. Best Wallet) or you can also use a bank card.
Crypto holders can convert their ETH, USDT, or BNB tokens to $SOLX to take advantage of this presale.
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