The popular meme coin DogWifHat (WIF) experienced a significant downturn, dropping 12% within a day to trade at $2.85.This trend was not isolated to WIF alone, as leading meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE also faced similar declines.
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DogWifHat Price Prediction as Meme Coin Sector Plummets The entire meme coin sector is navigating through the turbulence of a broader market correction, which saw a 6% decrease from Bitcoin (BTC), which had hit record highs just the day before, now trading at $68,118.Ethereum (ETH), another major player, saw a 5% decrease, with its price adjusting to $3,711.54.
This year has seen a bullish trend for cryptocurrencies, largely fueled by the excitement surrounding the approval and trading of 11 Bitcoin ETFs by the SEC on January 10.These ETFs have been successful, collectively amassing $12 billion and assisting Bitcoin in reaching a new all-time peak of $73,737.94.
Significant inflows were recorded on Tuesday, with ETFs attracting $1 billion, predominantly led by BlackRock’s $848 million contribution.However, the unveiling of last month’s high US inflation rates might have tempered the enthusiasm for riskier assets over the weekend.
Examining WIF’s trading patterns, there’s been a gradual increase from the end of February, becoming more volatile as March progressed.
Despite a bullish spike on March 12, the momentum waned by March 14.With a Relative Strength Index (RSI) around 50, WIF’s price might not fall unless Bitcoin’s does, finding substantial support at $2.
DogWifHat 2024 Price Prediction vs.
IBET – The House Always Wins WIF belongs to the category of pure meme coins, characterized by their high volatility and pricing often reflecting exaggerated market movements.For example, meme coins surged dramatically during Bitcoin’s rally last week, but are now facing more significant losses as Bitcoin and Ethereum decline.
Investors interested in the altcoin market should consider the inherent risks associated with meme coins, whose value is more dependent on social media trends than fundamental technology.A sudden wane in popularity could have severe repercussions for holders.
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