solana meme coin, Dogwifahat (WIF) has crashed. Below $2 this week, it saw double-digit declines as investor interest in the popular meme coin began to wane.
Dujoyvat crash 26%
the Dujoyvat price Currently trading at $1.8, the meme-themed coin continues to face massive downward pressure from prevailing market volatility. The value of the cryptocurrency it has It crashed massivelydown a whopping 25.72% over the past seven days.
The reason for this unexpected decline is due to recent selling pressure from WIF investors. Data Solscan revealed that more than $16 million worth of WIF tokens were sold by anonymous cryptocurrency investors over the past week. This includes small amounts of tokens and large amounts of up to hundreds of thousands of WIF coins.
Typically, when a cryptocurrency experiences continuous liquidation by investors, it leads to selling pressure, which leads to… Decrease in market value. In the context of Dogwifhat, a meme coin, its price is very volatile and speculative, making it very vulnerable to minor market changes and sell-offs.
Unfortunately, more whales are starting to sell what they have WIF code. Blockchain analytics platform, Lookonchain, unveiled at X (formerly Twitter) mail On June 22, an anonymous whale deposited a staggering 12.66 million WIF tokens, worth $23.4 million, to Binance.
In general, a transaction involving the transfer of coins from a wallet to a cryptocurrency exchange often indicates the possibility of an impending sell-off. If selling pressure continues in Dojoyvat, the popular cryptocurrency could see a pullback Price drops to new lows.
From the beginning of June, Duguevat began Performance was poor, recording more declines than most meme coins on the market after collapsing by almost 40% over the past month. Formerly cryptocurrency It rose to all-time highs Of $3.97 in March, flipping Pepe (PEPE) at one point to become The third largest meme coin By market value.
As of writing, Dojoyvat ranks as the fourth largest meme coin, with a market capitalization of $1.8 billion, according to CoinGecko. Four of the five largest meme coins by market cap including Dogecoin (DOGE), Shiba Inu (SHIB)Baby and Floki (FLOKI) are seeing slight gains. However, Dojoyvat continues its downward trend, falling by 2.13% over the past 24 hours, according to CoinMarketCap.
What's next for WIF?
If selling pressure continues, the price of WIF could see further declines that could push the cryptocurrency higher. The price is less than $1. Founder and CEO of CryptoQuant, Ki Young Joo Express bearish sentiment towards meme coins in the market.
According to Joe, Meme coin dominance The altcoin market is starting to dwindle. he subscriber A price chart depicting the market performance of meme coins from 2022 to 2024, highlighting that investors will eventually begin to shift from gambling to focusing on market fundamentals.
Investors are urged to leave Currency market memeWhich suggests that the era of easy profits from meme-based cryptocurrencies may be over.
Featured image of sad and unhelpful humor, chart from TradingView
