Analysis of DogWifHat Prices - September 2, 2024
With a 24% decline in value over the last week, DogWifHat ($WIF), a popular Solana meme currency, has seen the worst intraweek losses of all of the top 10 meme currencies by market size.
The price of DogWifHat has hardly moved in the last 24 hours, standing at $1.46.
Floki ($FLOKI) and Bonk ($BONK), two Dogecoin clones with a Shiba Inu motif, also saw similar losses.
While Bonk's price declined roughly 18% to $0.00001715, Floki's price plunged 22.4% to $0.0001195.
Out of the five historical coins with a doge motif, Dogecoin ($DOGE) and Shiba Inu ($SHIB) were the clear leaders. Dogecoin is now selling at $0.0975 and Shiba Inu at $0.00001355, a decrease of just around 10% for the week.
Leading cryptocurrencies Ethereum ($ETH) and Bitcoin ($BTC) fell by around 8% week-over-week. At the moment, the value of the most popular cryptocurrency in the world, $BTC, is $58,535, whilst the most commercially significant blockchain's underlying token, $ETH, trades at $2,526.
Analysis of DogWifHat Prices - September 2, 2024
We can see that DogWifHat, the meme currency, has been able to hold its price above the psychologically significant $1.50 support level it had all summer long on its price chart.
The green line above is somewhat diagonal, and it shows that $WIF has fallen to $1.11 because to the current crypto meltdown on August 5. This further emphasizes the overall reduction in support. The red line is dropping steeper, which means that $WIF is also encountering stiffer opposition.
A relative strength index (RSI) reading of 53 suggests that purchasing pressure is building. As seen by the white arrow, $WIFâs price is now bouncing between support and resistance in a falling wedge formation. If this trend continues, it may retrace to $2 in the near to medium range.
