Where Does #WIF Go From Here?

Dogwifhat (WIF), a Solana meme currency, fell double-digits below $2 this week as investor interest wanes.

As market volatility continues to bearishly weigh Dogwifhat, its price is $1.8. The cryptocurrency's value has plummeted 25.72% in seven days.


Due to WIF investor selling pressures, an unexpected decrease occurred. Solscan data shows unidentified cryptocurrency speculators sold over $16 million WIF tokens last week. From a few tokens to hundreds of thousands of WIF coins.

Continuous investor liquidations cause selling pressures, lowering a cryptocurrency's market value. Dogwifhat, a meme currency, is highly volatile and speculative, leaving it vulnerable to market shifts and sell-offs.

Unfortunately, more whales are selling WIF tokens. On June 22, blockchain analytics startup Lookonchain said in an X (previously Twitter) post that an unidentified whale transferred 12.66 million WIF tokens worth $23.4 million to Binance.
Moving bitcoin from a wallet to a crypto exchange usually indicates a sell-off. If selling pressures in Dogwifhat continue, the popular cryptocurrency might hit new lows.

After falling roughly 40% in the previous month, Dogwifhat has underperformed most meme currencies since June. Pepe (PEPE) became the third biggest meme coin by market capitalization after the cryptocurrency reached an all-time high of $3.97 in March.

According to CoinGecko, Dogwifhat is the fourth biggest meme currency with a $1.8 billion market value. Four of the top five meme currencies by market capitalization—Dogecoin (DOGE), Shiba Inu (SHIB), Pepe, and Floki—are rising.

WIF's price might go below $1 if selling efforts continue. CryptoQuant founder and CEO Ki Young Ju is negative on meme currencies.

Ju says meme currency supremacy in altcoins is waning. He posted a meme coin price chart from 2022 to 2024, showing that investors would ultimately change from gambling to market fundamentals.

#BinanceTournament #DogWifhat $WIF