- GameStop-driven meme coin rally is now overshadowed by market correction.
- Solana-based Dogwifhat reboots above $2.50 despite approaching a sell wall.
- Raising $682K for The Sphere to wear the hat, the WIF community remains in the dark.
Solana-based meme coin Dogwifhat (WIF) bumped into monthly lows on Sunday afternoon, trading as low as $2.44. Before picking up a small bounce back to $2.70, the hat-wearing dog coin worried investors due to the drop below $2.50 support. This crucial support level decides if WIF breaks above $2.70 or risks falling to $1.60, according to technical crypto analyst Seth Fin.
While last weekend’s negative WIF price trend inspired several Solana whale sell-offs, the canine coin’s sentimental dynamics seem to change quickly. To illustrate, one SOL whale sold off all his 732,481 tokens for $1.85 million, initially buying the WIF coins for $2.18 million. Incurring a deficit of $0.33 million, the whale made a move when WIF was nearly 50% down from its $4.83 all-time peak.
Whales Return
Meanwhile, the blockchain detective agency LookOnChain has spotted a crypto whale to cash out $1.83 million in USD Coin (USDC) to purchase 227,896 Dogwifhat tokens at $2.66, topping up their WIF stash hours later. Currently, the whale holds 372,593.55 WIF tokens at $2.70 and $832.71K USDC, which are still lingering in the wallet.
As the meme coin department witnessed a double-digit uptick during the hype of rejuvenated GameStop (GME) stock shares, WIF soared to $3.25, unable to claim new monthly heights. As GME retraced 15.55% over the past five days, WIF faces a 7.9% market correction during the same timeframe. As of press time, WIF trades at $2.71 with a 7.3% 24-hour upswing, according to CoinGecko.
The possibility of a further sell-off increases with more WIF traders selling than buying Solana’s stylish hat-wearing dog crypto. Over the past 24 hours, the combined liquidity book has recorded $18.74M in WIF sales, topping the $15.29M bids. On the other hand, Dogwifhat’s technical indicators point to a slightly positive Chaikin Money Flow (CMF) index at 0.05, hinting at renewed interest in the meme coin.
On The Flipside
- The community behind Dogwifhat previously raised nearly $682K for a promotional campaign for the landmark Las Vegas Sphere.
- Since the completion of Dogwifhat’s fundraiser campaign, no updates have been given if the hat-wearing initiative will actually take place.
Why This Matters
Solana-based meme currencies have inspired multiple altcoin rallies this year, building a competitive narrative alongside artificial intelligence (AI) and real-world assets (RWAs).
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