Top Solana meme coin Dogwifhat is facing the risk of major downside volatility.
The WIF price is already down over 16% from its October high of $2.92, trading at just $2.44 at press time. The meme coin is creating another red candle today on Tuesday and is down by 4% in the past 24 hours.
With the meme coin now facing a key resistance level, the latest Dogwifhat price predictions are cautioning about another sharp correction.
On the contrary, new meme coins continue to thrive behind large whale investments. GOAT and CAT are amongst the top gainers today, while presale projects like Pepe Unchained are seeing strong funding.
Dogwifhat Price Prediction - Will WIF Avoid A Sell-Off?
Crypto traders are already sounding the alarm on the possibility of a steep correction in Dogwifhat.
After failing to hold above the $2.85 resistance level earlier this month, WIF is now trading firmly below it. Similarly, it has also dipped below an ascending trendline, which does not bode well for its short-term prospects.
Prominent crypto traders like Aditya Thakur are warning that it is crucial for the Solana meme coin to flip and hold above this horizontal resistance level. The last time WIF failed to reclaim it as a support, it saw a significant correction back to $1.
Another popular crypto investor StefanB has also opened a short position on Dogwifhat, anticipating the meme coin to slide to $1.96.
$WIF -> shorts still trailing and covering for potential long losses on the way.Stick to the plan, execute and profits will come consistently. pic.twitter.com/utZ02LTwLC
— StefanB (@Stefan_B_Trades) October 22, 2024
Notably, prominent trader CrediBULL Crypto also opened a short position on WIF earlier this month. His Dogwifhat price prediction has the meme coin to dip to $1, particularly since he anticipates the Bitcoin price to fall below $58k in the coming weeks.
Indeed, the Bitcoin price typically plays a key role in deciding WIF’s price action. Similarly, the Dogwifhat largely acts as a beta bet on Solana, with many smart money investors trading it like “leveraged SOL”.
However, while the Solana price is up by 10% over the past week, WIF is down by nearly the same margin. This typically indicates considerable weakness in an altcoin, especially in a large-cap meme coin like Dogwifhat.
New Meme Coins Thrive Even As WIF Plunges
New meme coins continue to pose a threat to large-cap meme coins like Dogecoin, Shiba Inu and now WIF.
While the WIF price is down by 4% today, GOAT and Simon’s Cat are up by over 20% and 7% in the same period.
Even presale tokens are in high demand. Pepe Unchained (PEPU) - one of the hottest presales this year - had one of its best days during its ICO. The new meme coin has now raised $21.6 million, adding over $600k to the tally within 24 hours.
Whales continue to stack PEPU, with another deep-pocketed investor buying $52k worth of the meme coin on Tuesday.
The hype and FOMO surrounding Pepe Unchained has reached a fever pitch, particularly as its Layer-2 staking protocol is nearing its highly-anticipated launch.
Pepe Unchained L2 Sneak Peek!What we're building is not just a new chain, but an entire ecosystem.🐸Pepe Unchained L2🐸Block Explorer🐸DEX🐸Bridge🐸Advanced Analytics🐸Builder GrantsPepe Unchained is coming. And it's going to shake up the crypto space. pic.twitter.com/ZVnvgO6MGF
— Pepe Unchained (@pepe_unchained) September 26, 2024
PEPU holders will then be able to benefit from extremely low trading costs, instant transactions and advanced analytics. The Pepe Unchained L2 ecosystem is expected to launch immediately after the presale.
Owing to its unique value proposition, strong presale demand and significant whale interest, it is no surprise that prominent crypto traders are bullish on its upside potential.
A growing number of experts are now calling it the next 100x crypto, while others are backing it as one of the best meme coins to buy right now.
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