Dogwifhat (WIF) made a splash in the crypto market during Q1 as a memecoin sensation. However, following Bitcoin’s recent downturn, WIF has experienced a price decline of over 10%, sparking speculation among crypto analysts about a potential drop to $1.
The token skyrocketed earlier this year, achieving a 95,000% increase from $0.004773 to an all-time high of $4.58 at the end of March. Since then, WIF has been fluctuating between $2.3 and $3.7, briefly testing the $4 resistance level in May. Analysts like Bluntz have set a $1 target for the memecoin, predicting a price range between $1 and $2 as a potential buying opportunity for investors.
Despite the bearish forecast, some analysts see potential in WIF’s chart, with trader Otsukimi noting a solid performance and a chance for a bounce back from current levels. Recently, Elon Musk acknowledged Dogwifhat during a live stream, causing a stir in the crypto community. While the ‘Musk Effect’ did not directly impact WIF’s price, it led to the creation of a spin-off token, WIFIHAT, which experienced a rapid surge followed by a significant decline.
As of now, WIF has seen a 14.6% decline in the past day, trading at $2.44 with a decrease of 26.3% and 18% in the weekly and monthly timeframes respectively. However, the token’s market activity has increased by 76.1% in the past 24 hours, with a daily trading volume of $705.6 million. Stay tuned for further developments in the Dogwifhat saga.
