DogWifHat Sinks 8% – Can It Survive as New “Crypto All Stars” Rival Takes Off
In the last 24 hours, popular Solana meme coin DogWifHat ($WIF) has fallen 8% down to $1.54 amidst a wider crypto market rout that has seen Bitcoin ($BTC) prices plummet 4% down to its current level of $58,515.
The global meme coin market absorbed heavy losses, sinking 4.3% overnight to post a combined market cap of $40.2 billion.
Among the big five Doge meme-themed coins, DogWifHat was the most affected by the adverse price performance overnight. Original meme coin Dogecoin ($DOGE) fell 2.8% down to $0.1025, while its number one contender, Shiba Inu ($SHIB), lost 2%, Bonk ($BONK) lost 3.7% and Floki ($FLOKI) shed 4.7%.
The $3.3 billion market cap Pepe ($PEPE), the biggest non-doge meme coin and the third biggest meme coin on the market, shed 4% to trade at $0.0000079.
The $SOL token underpinning $WIF’s home chain Solana shed 3.2% overnight and currently changes hands at $142, which is about 7.4% down from its price this time last week.
According to Dogwifhat’s price chart, last Monday’s market crash almost sent the price of WIF down to a dollar before the coin began a sprightly rebound.
It’s still far away from challenging its recent resistance level of $2.90, but a relative strength index ($RSI) of 43 and means some buying momentum could slow the token’s descent and quickly bring it back in line with its 30-day moving average, as seen by the blue line, which is currently slightly higher.
However, WIF’s support threshold is trending down, as shown by the green diagonal, so another unfavorable news cycle may send it spiraling to new lows.
As a low-utility meme coin, DogWifHat’s price typically exaggerates the performance of market leaders Bitcoin and Ethereum.
However, investors who want to support the growing meme coin
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