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Dogwifhat (WIF) has plummeted 10.22% over the past 24 hours to a level one analyst believes could be “catastrophic” for the meme coin, though traders are hopeful of a quick price rebound.
Currently trading at $3.37, it comes only three days after WIF briefly dipped below crucial support levels at $2.96 on May 27, per CoinMarketCap <a href="https://coinmarketcap.com/currencies/dogwifhat/" target="_blank" rel="noopener nofollow">data</a>.
It is now trading 3.7% below a concerning price benchmark, according to crypto trader Jack Skipp aka “CryptoJack.”
“The price of WIF needs to stay above $3.5 or this could be catastrophic. Traders beware,” he wrote in a May 30 X <a href="https://x.com/cryptojack/status/1796213829761708230" target="_blank" rel="noopener nofollow">post</a> to his 319,200 followers just hours before the price decline.
However, the pseudonymous crypto trader “Ponzi Trader” pointed to a reversal pattern forming on the 4-hour price chart, signaling that the price may be due for a quick recovery.
“I’m betting on a WIF bounce here,” he <a href="https://x.com/buyerofponzi/status/1796163281150717979" target="_blank" rel="noopener nofollow">added</a>.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/a36c4a71-f6b2-4ad9-a72f-4141ddff8273.png">
 <figcaption style="text-align: center;">
 Despite the price decline over the past day, WIF is still up 27% over the past 30 days. Source: CoinMarketCap
 </figcaption>
</figure>
If it revisits that level, CoinGlass data shows that $20 million in long positions will be wiped out.
It comes as futures traders ramp up their positions on WIF, with Open Interest (OI) at a 2-month high of $478.39 million, a level not seen since April 9.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/d8180ad9-45a2-4dc8-916f-6f5a11f06469.png">
 <figcaption style="text-align: center;">
 Source: Ponzi Trader
 </figcaption>
</figure>
Among the top 100 cryptocurrencies, WIF <a href="https://cointelegraph.com/news/why-doge-wif-other-memecoins-are-crashing">took the biggest hit</a> over the past 24 hours, with BONK (BONK) down 7.47%, Book of Meme (BOME) taking a 7.04% price decline, and Shiba Inu (<a href="https://cointelegraph.com/shiba-inu-price-index">SHIB</a>) also down 6.83%.&nbsp;
Related: <a href="https://cointelegraph.com/news/memecoins-dominate-crypto-open-interest-charts">Memecoins dominate crypto open interest charts taking 4 out of top 10 spots</a>
On March 30, WIF reached a new all-time high of $4.64. The <a href="https://cointelegraph.com/news/dogwifhat-10-wif-3rd-largest-memecoin-whales">largest wallet holder</a>, holding 37.62 million WIF tokens at an average purchase price of $0.32, had not sold any tokens.
However, upon a recent investigation, it was found that the wallet holder has since sold 84% of their holdings, with their average purchase price now at $4.31, down around 21%, according to CoinStats <a href="https://coinstats.app/address/2Fcm8Z3wxjcwjhXiS3mSXeHQY62TYHhNK65zExFWPE6d/" target="_blank" rel="noopener nofollow">data</a>.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/">Crypto exposes sudden rift among Democrats months ahead of election</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Dogwifhat 10% drop could be ‘catastrophic,' but traders bet on bounce

Cointelegraph

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