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<p>Crypto analyst Crypto Jack has suggested that Solana-based meme coin <a href="https://bitcoinist.com/dogwifhat-wif-meme-coin-las-vegas-sphere/" rel="nofollow">Dogwifhat (WIF)</a> could soon witness a catastrophic crash. He noted what needs to happen for the meme coin to avoid this significant price decline.&nbsp;</p> 
<h2 id="how-dogwifhat-s-price-could-crash-significantly">How Dogwifhat’s Price Could Crash Significantly&nbsp;</h2> 
<p>Crypto Jack mentioned in an X (formerly Twitter) <a href="https://x.com/cryptojack/status/1796213829761708230" rel="nofollow">post</a> that Dogwifhat’s price needs to stay above $3.5 as failure to hold above that level could be “catastrophic” for the meme coin. He also advised <a href="https://bitcoinist.com/bitcoin-short-sellers-bet-against-crypto-stock/" rel="nofollow">crypto traders</a> to exercise caution while trading the meme coin so they do not get caught unaware and shaken out from their positions.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-610874" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Dogwifhat-1.png?w=460&amp;resize=460%2C259" alt="Dogwifhat 1" width="460" height="259" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Dogwifhat-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Dogwifhat-1.png?w=460&amp;resize=460%2C259 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>Interestingly, <a href="https://coinmarketcap.com/currencies/dogwifhat/" rel="nofollow">data</a> from CoinMarketCap shows that Dogwifhat has experienced a price drop below $3.5 from its weekly high of $4. Crypto Jack’s analysis suggests that the meme coin’s catastrophic crash may have already begun, as it could well hit new lows on its way down.&nbsp;</p> 
<p>It is worth mentioning that Dogwifhat is still up over 24% in the last seven days, which suggests that this recent price decline might just be a <a href="https://bitcoinist.com/bitcoin-150000-40-correction/" rel="nofollow">brief correction</a> as part of an upward trend that the meme coin is currently enjoying. However, thanks to this recent price decline, over $1.2 million in long positions have been liquidated in the last 24 hours, according to <a href="https://www.coinglass.com/currencies/WIF" rel="nofollow">data</a> from Coinglass.&nbsp;</p> 
<h2 id="not-yet-time-to-be-bearish-on-dogwifhat">Not Yet Time To Be Bearish On Dogwifhat</h2> 
<p><a href="https://bitcoinist.com/rediction-dogecoin-price-crash/" rel="nofollow">Crypto analyst CrediBULL Crypto</a> had <a href="https://www.newsbtc.com/news/chainlink/50-60-crash-in-chainlink-price/">previously revealed</a> his bearish expectations for Dogwifhat, claiming that the crypto token could drop to as low as $1.6. He added that he would look to short the meme coin at $3.90, as he expected it to enjoy one last push to the upside before it declined significantly.&nbsp;</p> 
<p>However, despite Dogwifhat already attaining this height as predicted, <a href="https://bitcoinist.com/can-dogecoin-reach-0-2/#:~:text=Crypto%20Analyst%20Reveals%20Bearish%20Expectations,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20CrediBULL%20Crypto%20has,low%20as%20%240.5%20soon%20enough." rel="nofollow">CrediBULL Crypto</a> suggested in a recent X post that it wasn’t yet the right time to be bearish on Dogwifhat. He claimed that the “Hat stays on a bit longer” because he believes <a href="https://www.newsbtc.com/news/solana/solana-headed-to-100/">Solana</a> is approaching a bounce zone, which could cause it to climb to new local highs. If that is the case, he expects WIF to continue its upward trend, making it shorting it now a wrong move.&nbsp;</p> 
<p>Crypto analyst and trader Ponzi Trader also suggested that Dogwifhat still has enough bullish momentum to make another run following its recent price decline. He <a href="https://x.com/buyerofponzi/status/1796163281150717979" rel="nofollow">revealed</a> that he is betting on WIF, bouncing from its current price range.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-610875" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Dogwifhat-2.png?w=460&amp;resize=460%2C385" alt="Dogwifhat 2" width="460" height="385" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Dogwifhat-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Dogwifhat-2.png?w=460&amp;resize=460%2C385 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>Regarding how high Dogwifhat could rally on its next leg up, crypto analyst Alex Clay <a href="https://www.newsbtc.com/news/dogwifhat-unstoppable-bullish-sentiment-to-propel-wif-towards-6-7-analyst/">predicts</a> the bullish sentiment towards the meme coin could send its price to $6.7. Crypto analyst and trader Unipcs (Bonk Guy) is bullish on Dogwifhat and <a href="https://www.newsbtc.com/meme-coins/shiba-inu-competitor-dogwifhat-10/">predicts</a> that the meme coin will reach $10 while claiming it will never drop to $1 again.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/5fRCs0es/" alt="Dogwifhat price chart from Tradingview.com" width="3286" height="1576">

Solana-Based Dogwifhat Reaches Critical Level That Could Lead To Catastrophic Crash

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