Investors Worry as DogWifHat Price Falls Under $1.50
Even though it's just Monday, DogWifHat ($WIF) holders are in for quite a wild ride this week. After falling below $1.50 on Thursday, August 15th, the value of the Solana meme currency has fallen 21.5% in the last seven days, and it is now trading at $1.35.
Among the Big Five doge-themed meme coins, $WIF holders took the worst hit both yesterday and today. However, the losses for the other top meme coins were much worse than those for the market leaders.
Compared to seven days ago, the values of Bitcoin ($BTC) and Ethereum ($ETH) have hardly altered at $58,150 and $2,581, respectively. They collectively suffered a loss of less than one percent.
However, Dogecoin ($DOGE), the original meme currency, fell 3.5% week-to-week, reaching $0.09954.
It has a market valuation of $14.5 billion, making it the largest meme currency in the industry. However, its nearest competitor, Shiba Inu ($SHIB), which has a market worth of $7.7 billion, lost 4.1% intraweek, falling to $0.0000131 as of this writing.
Pepe ($PEPE), the largest non-doge meme currency in the industry with a market valuation of $3 billion, fell 11% week-over-week to $0.000007248.
The similar devaluation was seen by Bonk ($BONK) holders, whose currency has now dropped to $0.00001727.
Check Out This New WIF Price Analysis!
As seen in the price chart for $WIF, the token is poised just below the psychologically significant $1.50 support level that it maintained over the months of June and July.
Overall support seems to have been pulled down by the market crisis in early August, as shown by the diagonal green line.
The previous seven days show that $WIF can't hold $1.50.
The price is expected to settle again once the strong selling momentum, shown by a decreasing relative strength index (RSI) of 36, shortly dies down.
