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Threatened by #DogWifHat ? As Interest in the New Solana Meme Coin Rises, the Price of WIF Falls 20%
Coin for the popular Solana meme As of this writing, DogWifHat (WIF) is trading at $3.69, a loss of 20% in the previous 24 hours. The cryptocurrency seems to be trembling badly.
The market retreated today, shaving almost 5% off the value of market leaders Ethereum and Bitcoin, and WIF is only one component of that larger trend.
The current price of Bitcoin is $66,313, which is 10% below its all-time high (ATH) of $73,737.94, set on March 14, 2024. From its all-time high of $4,878 on November 10, 2024, Ethereum has fallen more than 30% to its current price of $3,342.
In general, cryptocurrency prices have been rising throughout the year. Last Thursday, however, the curtain came down on one of the most notorious eras in the industry's memory.
After embezzling billions of dollars from FTX clients to its sister company Alameda Research, Sam Bankman-Fried, the former CEO of the industry's biggest casualty and one of the biggest bankruptcies in history, received a 25-year sentence for various charges, including fraud and conspiracy.
Crypto prices have fallen across the board, as if this flashback to the wilder days of crypto were not enough to dampen interest for spot Bitcoin ETFs.
Over the course of the previous month, WIF's trading chart shows a substantial but erratic increase in value. Starting at a support level just over $2, WIF showed signs of a bull run, rising to an all-time high of $4.83 on March 31st, about three weeks into April.
WIF's relative strength index (RSI) is at 34 and seems to be declining, although today's price is around 22% below that. After a drop below 30, at which time the stock is considered "oversold," the market will probably rebalance and prices will cease falling.
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