**Dogwifhat (WIF) Faces Major Decline Amid Memecoin Market Slump**

Dogwifhat (WIF), the fourth-largest memecoin by market cap, is struggling to maintain its recovery post the August 5 crypto market crash. From its August 9 peak of $1.95, WIF has plummeted nearly 30% to $1.36 as of August 17.

- **Market Trends**: WIF's drop mirrors declines in other top memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB). DOGE has seen a 10% dip in the past nine days.

- **Performance**: Over the past month, WIF has lost 42%, outpacing DOGE's 15% and SHIB's 23.5% losses.

- **Investor Activity**: High long liquidations in WIF futures indicate traders were overly optimistic, leading to forced selling and further price drops.

- **Technical Analysis**: WIF is forming a head-and-shoulders pattern, suggesting potential further declines to $0.725 if it breaks below the $1.46 neckline.

Investors should stay cautious and conduct thorough research before making any decisions.