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Dogwifhat falls due to multiple factors
Dogwifhat, a dog-themed meme coin, which recently saw a massive upward movement, has started to fall triggered by a couple of factors. WIF price plummeted more than 12% today as the hype over meme coins ended with the GameStop (GME) stock price correcting.
Among the top 100 cryptocurrencies based on market capitalization, meme coins such as WIF, BOME, PEPE and FLOKI led the decline of the cryptocurrency market, confirming that it is a collapse caused by meme coins.
WIF price drops by 12%
The price of WIF has fallen by 12% in the last 24 hours, with the price currently trading at $2.58 as of this writing. The 24-hour low and high are $2.53 and $2.89, respectively.
Whales and traders sell dogwifhat to book profits in advance GameStop and AMC Theaters prices have plummeted after recent FOMO on the rise. GameStop’s price fell after a spectacular rally last week, falling more than 20% today after hitting a 52-week high of $64.83.
One whale sold 732,481 WIFs worth $1.85 million. This whale purchased WIF holdings for $2.18 million, but decided to sell WIF’s entire assets at a loss. Other whales have expressed the same sentiment about divesting their holdings in WIF.
Meanwhile, traders are also selling their positions in WIF as it fails to even reach the short zones and chart patterns are signaling imminent massive selling in dogwifhat.
Crypto analysts have pointed to $2.5 as the crucial support level to watch. If the WIF loses this support level, the next drop will be around $1.6.
Read also: Popular Analyst Reveals Trading Alert for Bitcoin ETF, BTC Price at $80,000?
Is Meme Coin Mania over?
The meme coin hype seen recently was triggered by the GameStop rally. As the price of GME fell, meme coins including BOME also fell. PEPPERand FLOKI prices.
Notably, derivatives traders have not started selling WIF. Futures open interest on WIF exchanges is up nearly 5% over the past 24 hours. High confidence in derivatives traders could drive market action next week. Traders are likely to block the WIF next week if the crucial support is broken.
Read also: Michael Saylor Shares Bullish Tip on Bitcoin (BTC) as Price Breaks Above $67,000