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Institutional Investors Surge Meme Coin Holdings to $300 Million in April
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Institutional investors on the crypto exchange Bybit have significantly increased their investments in meme coins, with allocations soaring to nearly $300 million in April from $63 million at the beginning of the year.

Surge in Meme Coin Investments
According to Bybit's recent report, institutional allocations to meme coins have jumped over 300% this year, peaking at almost $300 million in April. This surge indicates a newfound interest in the sector among professional investors. Popular meme coins like dogecoin (DOGE) and shiba inu (SHIB) have been the top picks, primarily due to their high liquidity in the spot market. The report exclusively tracks holdings on Bybit, excluding other exchanges.

Shift in Investment Patterns
During this period, stablecoin holdings decreased from $1.7 billion to $1.4 billion, while investments in bitcoin (BTC), ether (ETH), and meme coins increased. As of May 1, DOGE held the largest share of meme coin holdings for both retail and institutional investors. Institutions allocated a larger proportion of their funds to DOGE, with 36% compared to retail investors' 24.5%.

Institutional Preference for DOGE
"This suggests that while both groups view DOGE as a staple asset within the meme coin space, institutions favor it more, possibly due to its higher liquidity and relative stability," Bybit noted. Both retail and institutional investors also hold Ethereum-based meme coins like PEPE and SHIB. Retail investors' allocations are 20.95% and 14.61% respectively, compared to institutions' 22.23% and 10.39%.

Growth of Meme Tokens in Blockchain Ecosystems
In recent months, meme tokens from the Ethereum and Solana ecosystems have gained prominence as a means to bet on the growth of blockchain technology. This trend reflects a broader interest in the potential of these digital assets to drive innovation and growth within the crypto space.

Dogwifhat(WIF) Recovers After Hit By $40M Withdrawals And Increased Short Positions
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The crypto market today had a slight correction and reversal, that made Bitcoin fall from $61000 zone to trade under $59000 and is now approaching back to $60,000. 
WIF Coin Stands Strong

While the whole market is making efforts to grow up, Solana-based memecoins are taking advantage of this thrust. The Top Solana memecoin DogWifHat, WIF coin today survived a significant bearish impact and validates a bullish trend ahead.

Reportedly, the on-chain analysis on Coinglass shows a decline of nearly $43 million in Open Interest value in 24 hours. Resulting in dropping the memecoin to nearly 10% before recovering to +0.22% in the latest sessions.

This is anticipated to be a result of panic selling as the market downtrend persisted after the coins had made a weekly growth of 55.99%. 

Additionally the Relative Strength Index (RSI) which indicates market momentum, has now turned the face back into the neutral position from the oversold zone. But Still, at 46, it needs to cross 50 to preserve the uptick moment. 

WIF Coin Price Prediction 
WIF coin after facing, massive wipeouts, and increased liquidation faced rejection at $1.82 and lost its flow. But in later sessions today the altcoin has bounced back high above its strong support of $1.52. 

The new support can be spotted at $.76, which is critical but good to face the slight corrections. Reclaiming the $1.82 zone will show a solid trend, and fellows to return to $2.  

If this happens a strong support zone will plotted to push the price above $2.3, $2.5, and towards $3 in the mid-term. 
Conversely, if the meme-coin loses the battle here it will be drawn down towards the support of $1.56.

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