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Dogwifhat’s price fell 16%, to $1.7867 at 05:20 AM EST. The trading volume dropped 50%.
WIF has not been immune to the decline of memes. Dogecoin (DOGE), Shiba (SHIB), Pepe(PEPE), Bonk(BONK), and Floki (FLOKI) are just a few examples.
Meme coins, Source: CoinMarketCap
This comes as traders who have taken long positions in Dogwifhat are cashing out on their gains from the past few weeks, including today. 50% pump on Wednesday.
$WIF The dark side of the candle😁#wif #WIF https://t.co/8kK9OfTrOW pic.twitter.com/4Cnk9lyIzd
— Nihilus (@nihilus_XBT) March 7, 2024
The only sector that was not ravaged by investors were the AI crypto coins. They saw double-digit increases amid the hype surrounding the upcoming NVDIA GTC AI Conference scheduled for March 18-21 in Silicon Valley.
AI crypto coins, Source CoinMarketCap
Dogwifhat price prediction as meme coins dump
Dogwifhat still has potential for growth as long it holds within the ascending parallel channels. Relative Strength Index is moving northward, indicating rising momentum. If this momentum indicator continues on its current trajectory, it may soon give a buy-signal by crossing over the yellow band.
Dogwifhat’s price could extend northwards if buyers gain momentum, overcoming resistance at the midline of channel which coincides with horizontal line $1.9482. This roadblock could be turned into support to allow for a further move north. Dogwifhat’s price could rise to $2.2726, the top of the range.
In a bullish scenario, the Dogwifhat could extend gains and break the roadblock in hopes of recording a higher high. The next A logical target is the threshold of $2,5000. This would represent a 45% increase over current levels.
TradingView: WIF/USDT 1-day chart
In the opposite direction, a rejection at the midline of a channel can cause a Dogwifhat drop. A drop below the lower border of the channel can send the WIF to $1,5000.
To invalidate the bullish forecast, the price needs to close and break below the 50% Fibonacci Level of $1.3059.
Smog, a Solana competitor, is defying the market’s gravity by pumping out another pump which took its weekly gains up to 335%.
Dogwifhat: An Alternative That Offers Promise
Smog The latest Solana meme-coin sensation has been one of the most talked about meme-coins in 2024, after making its debut on Jupiter DEX.
Latest Solana Meme coins smog explodes on to Jupiter DEX through airdrop campaign https://t.co/Z7vH9TbvgV
— Crypto24club (@crypto24club) February 8, 2024
Smog promises the biggest airdrop ever, surpassing the $700 million by Solana’s JUP. The project has committed 35% (1.4 billion tokens) of its total supply to this goal. Participants can earn airdrop points for the project by participating in a Zealy campaign.
Smog’s massive campaign of airdrops, in which 35% out of 1.4 billion will be distributed to local residents, adds to the appeal. pic.twitter.com/L8LvoFQFbW
— Iris Acheson❤️ Memecoin (@acheson_iris) March 4, 2024
Growth of SMOG’s airdrop campaign This is evident in the explosion of airdrop quests on Zealy, which now exceeds one million.
The $SMOG tokens have also surged dramatically in the last few days. There are now more than 49,420 tokens.
The project has seen its market cap soar to $215 million that it is now among the top 20 meme coin.
And right now you can buy and stake Smog for a 10% discount. Hurry to grab the offer before it expires.
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“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: insidebitcoins.com