Another one bites the dust as Dogwifhat (WIF) becomes cash with wings – literally. Like an onion, when you open it, the WIF price and bearish trend following a long week of corrections make investors cry every time they open their wallets. With the ongoing skepticism among WIF meme coin investors, there’s genuine fear investor sentiment on WIF could contribute further to its drawdown and bring it to $2.
Related: Dog Days of Crypto: Solana Memecoin Turns $226K into $1.69M in 5 Days
Dogwifhat in a Bind: Price Struggles amid Market Uncertainty
A few weeks ago, WIF meme coin, whose name is a hybrid of “dog,” “wife,” and “hat”, seized the moment in the stormy sea of the crypto market by seizing the opportunity when Bitcoin was struggling to maintain its $70,000 price level. Dogwifhat climbed swiftly, riding the meme coin market trends established by its forerunners and quickly became the third-largest coin by market capitalization behind Dogecoin and Shiba Inu.
Analysis of WIF’s high correlation with Bitcoin and its implications
The sudden emergence of Dogwifhat as a substantial player within the meme coin space did not go unnoticed by market participants. Its momentous ascent sparked debate about the ongoing Memecoin market trend, its sustainability and its long-term viability. However, the WIF price is now teetering on the brink of an unanticipated drop to the current price of around $3 as BTC staggers around $64,000 at the time of writing.
There may be a Bitcoin correlation with WIF, which looks like a positive factor on the surface, but this may not be the case deep down. Bitcoin struggles to stop its unimagined downtrend so soon after the highly anticipated halving event and has clawed hordes of altcoins, including WIF, to go down with it. While it’s sometimes possible for asset holders to get involved in actions that could break such a jinx, the lack of optimism among meme coin investors may not break the curse of the Bitcoin correlation with WIF.
Ichimoku Cloud Indicator in Predicting WIF’s Bearish Momentum
Per the WIF technical indicators in the Ichimoku Cloud Indicator, the trading signal for Dogwifhat is bearish. Among the oscillator indicators, one tends towards selling, two tend towards buying, and seven tend towards neutral. On the moving average indicators, four tend to sell, nine tend to purchase and are neutral. In summary, four tend to sell, nine to buy, and two are neutral.
The existing Dogwifhat price breakdown could be caused by broader market cues that may have extended because of fear among WIF holders. This led to the liquidation of over $13 million in lengthy contracts, dragging bullish traders away from the meme coin. In general, continuous skepticism of the crypto market will cause the bears to dominate the futures market, which will likely negatively impact the WIF price.
The preceding has made it difficult for WIF to regain the bullishness that slipped away after the recent corrections. This makes the bearish development of the meme coin and a prospective Dogwifhat price recovery an uphill task because initiating one requires support from investors or the broader cryptocurrency market.
Bitcoin’s Market Movements on Altcoins like WIF
Whenever Bitcoin’s price surges, the value of most altcoins will almost always rise because they generally follow BTC’s price movement, whether it’s an uptrend or a downtrend. Any increase in Bitcoin’s price leads to renewed interest among crypto traders, which is then channelled towards another cryptocurrency, with most traders looking for profit. The influx of traders towards a particular altcoin causes a price surge.
What Is Dogwifhat (WIF)?
Dogwifhat (WIF) is a new meme coin built on the Solana network. The Memecoin is showcased as a Shiba Inu with a unique pink knitted hat. WIF isn’t like most other cryptos designed for societal transformation or technological innovation. Dogwifhat has adopted a light-hearted approach and followed the likes of SHIB and DOGE by embracing a typical meme coin identity.
Dogwifhat (WIF) Price Prediction 2024/2025/2030
Based on WIF’s historical price movements and the BTC halving cycles, Dogwifhat’s price prediction for 2025 is estimated at $2.97 and a high of $13.53. On the same basis, the token’s price could increase by +5% to reach $ 6.95 by 2030 on the lower end or hit $ 11.26 on the high end. Relative to the current price, WIF could gain 275.60% by 2030 if it hits the upper price target.
FAQs
How much is Dogwifhat?
Dogwifhat is currently priced at $ 3.021368 per (WIF / USD) today with a current market cap of USD 3.02B. The token has a circulating supply of 998.91M
Where can I buy WIF Dogwifhat?
Numerous exchanges are selling Dogwifhat, but the most popular ones include HTX (Huobi), Binance, KuCoin and Kraken. Since there are many other exchanges where you can trade WIF, you need to research your preferred choice.
What was the initial price of Dogwifhat?
Dogwifhat was launched in November 2023 on the Solana DEX, and its first recorded price was $0.000001366. The token caught mainstream interest in December 2023 and was listed on CoinMarketCap at $0.3252
How to buy a Dogwifhat?
Step 1: Choose a crypto exchange – Do research and choose a preferred one.
Step 2: Decide your investment budget – You only need as little as $1.60 or more to trade WIF. Always invest just what you can afford to lose.
Step 3: Research Dogwifhat – Research potential rewards and risks by reading roadmap, price charts and tokenomics.
Step 4: Open and verify your account – You’ll need your email address and a password to verify your account.
Step 5: Deposit funds – Visit the banking page within your exchange and deposit some funds.
Step 6: Place your Dogwifhat order – Search for ‘WIF’ on the Dogwifhat trading page. Select ‘Market’ order and type in your investment stake.
Step 7: Store and monitor Dogwifhat – Withdraw your Dogwifhat Coins to a private wallet.
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