Dogwifhat (WIF) hits $2 amid SHIB & DOGE dips, prompting speculation on meme coin sustainability and strategic investor maneuvers.
The meme coins have garnered significant attention recently, as major players in the segment, particularly the Solana-based dogwifhat (WIF), experienced a price rally. However, the recent pullbacks in the prices of leading contenders, such as Shiba Inu (SHIB) and Dogecoin (DOGE), have sparked speculation regarding the longevity of the meme coin craze.
While some view these setbacks as strategic maneuvers by investors, others question if this marks the beginning of a downturn for meme coins.
Despite the dip in SHIB and DOGE, dogwifhat (WIF) has managed to surpass the $2 mark.
The crypto market has been abuzz with excitement over meme coins, with last week seeing these tokens emerge as top gainers. Despite the recent dip in prices of leading meme coins like SHIB and DOGE, market participants remain optimistic about the meme coin phenomenon. Analysts suggest that the retreat of SHIB and DOGE could be a strategic move by investors, redirecting attention towards other meme coins.
This redirection is evident in the impressive rally of lesser-known meme coins like dogwifhat (WIF), which has surpassed the $2 milestone, showcasing growing investor confidence. Meanwhile, BitMEX co-founder Arthur Hayes had previously shown optimism for the crypto to surpass the $2 mark.
Meanwhile, other meme coins like Pepe Coin
(PEPE) and Floki have also witnessed significant price surges, indicating a broader enthusiasm for meme coins in the market. Considering the mixed performance, the traders are keeping a close watch on the price actions in the meme coin segment.
The recent surge of excitement surrounding WIF crossing the $2 threshold has been overshadowed by the decline in Dogecoin and Shiba Inu prices, causing market analysts to express concern. Some analysts point to liquidation data, which indicates substantial selloffs, as a possible explanation for the dip.
Dogecoin saw liquidations totaling $40.85 million in the last 24 hours, while Shiba Inu noted liquidations amounting to $26.28 million.
