The remarkable price fluctuation of the meme-inspired digital asset Dogwifhat (WIF) in the cryptocurrency market has drawn close attention. WIF is now valued at $2.92, down 9.87% in the last 24 hours, according to CoinMarketCap.
It still shows a 9.98% rise over the previous week, though, and its market cap remains under $3 million, ranking it as the fourth-biggest meme coin.
Summaries of WIF Current Price Changes
Watching closely at WIF’s market behavior have been cryptocurrency enthusiasts and market analysts.
Prominent cryptocurrency analyst @MacroCRG flagged a possibly misleading breakout in WIF’s price trajectory, describing the current price increase as a “generational entry point” and speculating that it may not be sustainable and may go as low as $1.
Comparably, Bluntz, another analyst, noted the lethargic and corrective price action since a recent low reached $1.8, predicting a further decrease.
Outlook & Forecasts
Though WIF’s recent increases are noteworthy, analysts’ conversations suggest that they could not be based on a strong foundation. The expected decline to $1 may offer investors a once-in-a-lifetime chance to join the market at a bargain and maybe profit handsomely should the coin recover.
The performance of another well-liked meme coin, Pepe Coin, provides background to the phenomenon of meme coins, as formerly. With a startling $84 million in transactions over the last two weeks, this asset has outperformed its rivals on the Ethereum network.
