Dogwifhat Price Plunges over 75% Since April Peak

Dogwifhat (WIF), a meme coin on the Solana network, has plunged significantly in price, mirroring the broader market downturn.

Once valued at nearly $5 in April, WIF has now dropped to around $1.15, marking a decline of more thand 75%.

Crypto analyst CrediBull noted on August 4 that while WIF has reached its predicted low point, caution is still warranted. The coin formed a triple-top pattern—a bearish signal—leading to a break below key support levels, including the $2.37 mark.

$WIF target hit 🎯

That being said not interested in blind bidding here just because the minimum downside target has now been met. We could certainly go lower- would personally want to see a longer base form before even considering an entry considering the context on higher… https://t.co/L2VheweSdG pic.twitter.com/eZ0QTcM4fS

— CrediBULL Crypto (@CredibleCrypto) August 4, 2024

This movement aligns with the anticipated downside, reaching a target of $1.477.

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Current sentiment around WIF is mixed. Although the lower price might attract some buyers, experts recommend waiting for more stability. Further declines are possible, and premature investments could lead to additional losses.

On-chain data from TOBTC reveals a 28% drop in WIF’s open interest since late July, now standing at $252.5 million. Traders are watching the $1.50 support level, with concerns about a possible retest amid ongoing market corrections.

Alexander Stefanov