Dogwifhat (WIF) gave a bearish signal: Selling pressure is increasing.

Solana-based memecoin Dogwifhat ($WIF ) is at risk of a sharp price correction.

While the Bitcoin ($BTC ) price is trying to push the $68,000 resistance level, the WIF price fell and made investors nervous.

Although the Bitcoin price increased by 3 percent on Wednesday, the WIF price lost value at the same rate. Experienced crypto traders who foresaw this negative picture opened short (bearish) positions on WIF.

Due to the high market value of WIF, some investors are worried that it may be difficult to make big profits from this memecoin. On the other hand, investors are also turning to alternative memecoins such as Dogecoin (DOGE) and Bonk (BONK). During the same period, DOGE gained 10 percent and BONK gained 5 percent.

WIF, one of the most popular memecoins, left its mark on the market with a market value of $2.5 billion. Moreover, WIF is one of the few memecoins listed on Binance's spot market.

However, with the latest developments, the market trend seems to be reversing. While Bitcoin is testing $ 68,000, WIF's price has fallen below $ 2.60.

Popular crypto trader CrediBULL Crypto announced on his X account with 427 thousand followers that he opened a short position after dogwihfat peaked at $ 2.90 on Monday. Since then, the memecoin has lost more than 12 percent of its value. CrediBULL predicts that WIF's price could fall to $ 1,765 and that a short-term recovery could be seen at this level. However, he states that he will continue to keep his short positions open until the price drops below $ 1.

Similarly, cryptocurrency exchange Bybit trader Bluntz detected a bearish divergence in the WIF price chart, indicating a downward trend. Bluntz is optimistic about WIF in the long term, but he thinks the short-term downtrend will continue.

Bluntz also noted that he saw a similar bearish divergence in the Popcat price chart. In fact, Popcat's price lost 10 percent on Wednesday.