WIF exceeds $2 amid 5% drop in SHIB and DOGE, rumors about meme coins will continue?
Dogwifhat (WIF) reached $2 amid falling prices for SHIB and DOGE, sparking speculation about the sustainability of meme coins and the maneuvers of strategic investors.
Meme coins have recently gained noticeable popularity amid rising prices of the main players in this segment, especially Solana-based Dogwifhat (WIF). However, recent price declines in top contenders such as Shiba Inu (SHIB) and Dogecoin (DOGE) have sparked speculation about the sustainability of the meme coin frenzy.
While some view these failures as strategic maneuvers by investors, others wonder if this marks the beginning of a decline for meme coins.
Dogwifhat (WIF) crossed $2 despite falling SHIB and DOGE.
The cryptocurrency market has been buzzing with excitement about meme coins, with these tokens leading the way last week. Despite the recent drop in prices of leading meme coins such as SHIB and DOGE, market participants remain optimistic about the meme coin phenomenon. Analysts speculate that the retreat of SHIB and DOGE could be a strategic move by investors, redirecting attention to other meme coins.
This redirection is evident in the impressive rise of lesser-known meme coins such as Dogwifhat (WIF), which broke past the $2 mark, demonstrating growing investor confidence. Meanwhile, BitMEX co-founder Arthur Hayes has previously expressed optimism that the cryptocurrency will surpass the $2 mark.
Meanwhile, other meme coins such as Pepe Coin (PEPE) and Floki have also witnessed significant price increases, indicating broader enthusiasm for meme coins in the market. Given the mixed results, traders are keeping a close eye on price action in the meme coins segment.
Despite the enthusiasm for WIF breaking the $2 mark, the price declines in Dogecoin and Shiba Inu have raised eyebrows among market analysts. Notably, some attribute the drop to recent liquidation data, which saw significant sell-offs.
In the last 24 hours, Dogecoin liquidations totaled $40.85 million and Shiba Inu totaled $26.28 million.
