SOL’s Dogwifhat (WIF) Dives Below Key Point: Sell-Off Coming?

The crucial support level of $2.50 is likely to decide Dogwifhat’s price action in the coming weeks.

Dog with a baseball hat sitting in a krater as price lines hits it.
Created by Kornelija Poderskytė from DailyCoin
  • GameStop-driven meme coin rally is now overshadowed by market correction.
  • Solana-based Dogwifhat reboots above $2.50 despite approaching a sell wall.
  • Raising $682K for The Sphere to wear the hat, the WIF community remains in the dark.

Solana-based meme coin Dogwifhat (WIF) bumped into monthly lows on Sunday afternoon, trading as low as $2.44. Before picking up a small bounce back to $2.70, the hat-wearing dog coin worried investors due to the drop below $2.50 support. This crucial support level decides if WIF breaks above $2.70 or risks falling to $1.60, according to technical crypto analyst Seth Fin.

While last weekend’s negative WIF price trend inspired several Solana whale sell-offs, the canine coin’s sentimental dynamics seem to change quickly. To illustrate, one SOL whale sold off all his 732,481 tokens for $1.85 million, initially buying the WIF coins for $2.18 million. Incurring a deficit of $0.33 million, the whale made a move when WIF was nearly 50% down from its $4.83 all-time peak.

Whales Return

Meanwhile, the blockchain detective agency LookOnChain has spotted a crypto whale to cash out $1.83 million in USD Coin (USDC) to purchase 227,896 Dogwifhat tokens at $2.66, topping up their WIF stash hours later. Currently, the whale holds 372,593.55 WIF tokens at $2.70 and $832.71K USDC, which are still lingering in the wallet.

As the meme coin department witnessed a double-digit uptick during the hype of rejuvenated GameStop (GME) stock shares, WIF soared to $3.25, unable to claim new monthly heights. As GME retraced 15.55% over the past five days, WIF faces a 7.9% market correction during the same timeframe. As of press time, WIF trades at $2.71 with a 7.3% 24-hour upswing, according to CoinGecko.

The possibility of a further sell-off increases with more WIF traders selling than buying Solana’s stylish hat-wearing dog crypto. Over the past 24 hours, the combined liquidity book has recorded $18.74M in WIF sales, topping the $15.29M bids. On the other hand, Dogwifhat’s technical indicators point to a slightly positive Chaikin Money Flow (CMF) index at 0.05, hinting at renewed interest in the meme coin.

On The Flipside

  • The community behind Dogwifhat previously raised nearly $682K for a promotional campaign for the landmark Las Vegas Sphere.
  • Since the completion of Dogwifhat’s fundraiser campaign, no updates have been given if the hat-wearing initiative will actually take place.

Why This Matters

Solana-based meme currencies have inspired multiple altcoin rallies this year, building a competitive narrative alongside artificial intelligence (AI) and real-world assets (RWAs).

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.