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Glossary
- Dogwifhat (WIF) faced a sharp decline due to the global crypto market collapse.
- Initial optimism for WIF faded amid bearish sentiment and market volatility.
Dogwifhat (WIF), a popular meme token on the Solana network, has seen a dramatic price drop. With the token’s price declining dramatically from $2, this decline reflects the larger collapse of the global crypto market and highlights the current bearish sentiment among meme token investors.
Dogwifhat Initial Surge and Optimistic Predictions
Interestingly, at the beginning of the month, CNF reported Dogwifhat’s impressive performance, citing its leadership in the meme token market, surpassing competitors such as Dogecoin (DOGE) and Shiba Inu. Many investors were enthusiastic about WIF’s possibilities because to this solid beginning.
Furthermore, well-known trader Bluntz identified significant bullish possibilities for Dogwifhat on July 2nd, right before the crypto market started to turn bearish.
After WIF created wave C in a corrective pattern, mapped as wave (ii) in its main structure, Bluntz noted a possible bullish rally expected from a notable price rise. He predicts a price jump of more than $10. Still, this optimistic forecast rested on general market sentiment.
— Bluntz (@Bluntz_Capital) July 1, 2024
Recent Performance and Current Market Sentiment
Though initially optimistic, the market has not been kind to WIF. Data from CoinGecko shows that WIF’s price at the time of writing is roughly $1.63, having decreased 10.80% over the past 24 hours. With a large drop of 20.91%, this current decline also displays a bearish attitude during the preceding seven days.
Dogwifhat’s price dropped sharply for a number of reasons, mostly related to the general collapse in the crypto market. Meme tokens like WIF have suffered as the worldwide crypto market shows notable volatility. Rising caution among investors has resulted in a sell-off that has further lowered prices.