According to data released early morning UTC, the popular Solana meme coin DogWifHat (WIF) has dropped more than 11% within 24 hours amid a global market sell-off.
DogWifHat's decline has now slowed and as of this writing, the token has lost 6% in 24 hours and around 10% in the past seven days to trade at $2.45.
In fact, WIF is the worst performing of the five dog-themed coins among the ten largest meme coins by market capitalization.
The original meme coin Dogecoin ($DOGE) fell 2.7% overnight, but is currently up 23% week-over-week at a retail price of $0.1419.
However, most meme coins are down today. The meme coin sector is down 3.6% in 24 hours and now holds $62 billion of the $2.42 trillion cryptocurrency market. The broader cryptocurrency market is also down about 3.5% overnight.
DogWifHat: Recent Meme Coin Price Performance
Despite DogWifHat’s sizeable losses today, the token is still trading at nearly double its price from 30 days ago. WIF is now challenging the $3 resistance it hit in mid-July.
DogWifHat found strong support at $1.50 during the difficult times in August and September. The token’s RSI score dropping to 29 suggests that the token is currently oversold and therefore likely undervalued right now.
This means that investors are likely to buy back in over the weekend, which should solidify the token’s gains throughout the summer. In short: this may have been a bad day for DogWifHat, but an encouraging year.