Why is Solana's Dogwifhat ($WIF ) memecoin crashing?
👉#Dogwithhat (WIF), the fourth-largest memecoin by market capitalization, is on the brink of erasing the recovery it achieved after the Aug. 5 crypto market crash. WIF has dropped approximately 30% from its Aug. 9 local top of around $1.95, bringing its price down to $1.36 as of Aug. 17. #BinanceSquareCreatorAward
👉WIF’s price declines accompany similar downside moves across other top memecoins, namely Dogecoin ($DOGE ), Shiba Inu (SHIB), and Pepe (PEPE). For instance, DOGE, the largest memecoin by market capitalization, has dipped by approximately 10% in the last nine days. #pepe⚡
👉Among the leading memecoins, WIF has experienced more significant losses over weekly and monthly timeframes. For instance, WIF’s 30-day returns are around -42%, far exceeding DOGE (-15%) and SHIB (-23.5%).#shiba⚡
