Will DogWifHat Crash to Zero? $WIF Price Down 24% as Emerging Rival Gathers $900,000
The price of popular Solana meme coin DogWifHat ($WIF) has dropped 24% in the last seven days, posting the biggest intraweek losses among any of the ten biggest meme coins by market capitalisation.
At its current price of $1.46, DogWifHat remains virtually unchanged from 24 hours ago.
Fellow Shiba Inu-themed Dogecoin imitators Floki ($FLOKI) and Bonk ($BONK) posted comparable losses.
Floki fell 22.4% over the week to trade at $0.0001195, while Bonk dropped about 18% to land at $0.00001715.
All told, sector leaders Dogecoin ($DOGE) and Shiba Inu ($SHIB) held the fort best among the five classic doge-themed coins. Both only dropped by about 10% over the week, with Dogecoin now trading at $0.0975 and Shiba Inu changing hands at $0.00001355
Market leaders Bitcoin ($BTC) and Ethereum ($ETH) both dropped by about 8% over the week. The world’s favorite cryptocurrency, $BTC, is currently worth $58,535, while the $ETH token underpinning the most commercially important blockchain trades at $2,526.
Over on DogWifHat’s price chart, we can see the meme coin hovering above the psychologically important $1.50 support level it maintained throughout all of summer.
The recent crypto crash on August 5 sent $WIF spiralling down to $1.11, which exaggerates a general decline in support, as shown by the slightly diagonal green line above. $WIF is also facing some stiffening resistance, indicated by the steeper falling red line.
A rising relative strength (RSI) index of 53 indicates some buying momentum. If it continues, $WIF may rebound from its current price up to $2 in the short-to-mid-term, as indicated by the white arrow, which shows $WIF’s price rebounding between support and resistance in a falling wedge pattern.
However, any growth will
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