{"id":628201,"date":"2024-07-06T19:00:43","date_gmt":"2024-07-06T19:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=628201"},"modified":"2024-07-10T03:47:36","modified_gmt":"2024-07-10T03:47:36","slug":"is-dogwifhat-wif-down-for-the-count-price-tanks-15-on-whale-exodus","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/is-dogwifhat-wif-down-for-the-count-price-tanks-15-on-whale-exodus\/","title":{"rendered":"Is Dogwifhat (WIF) Down For The Count? Price Tanks 15% On Whale Exodus"},"content":{"rendered":"

Once-soaring Solana-based meme coin Dogwifhat had a terrible week, reflecting a wider slump in the cryptocurrency market and casting doubt on the meme coin craze’s long-term viability.<\/p>\n

Related Reading: Dogecoin Decimated: $5 Million Liquidation Sparks 14% Price Plunge<\/a><\/div>\n

Meme Coin Mania Meets Market Mayhem<\/strong><\/h2>\n

The price of WIF, the token that powers Dogwifhat, fell 15% in a single day.<\/span> The gains from a recent recovery rally were completely obliterated by this sharp decline. Dogwifhat wasn’t the only cryptocurrency to see a sell-off; the whole crypto market saw a double-digit decline, with big altcoins like Ethereum and Cardano feeling the pinch.<\/span>
\n<\/span><\/p>\n

Experts attribute the decline to a number of causes, such as resurrected worries about inflation and a recent sell-off by the German government and the now-defunct bitcoin exchange Mt. Gox.<\/p>\n

\n

The price of $WIF<\/a> dropped 15% as the market fell.<\/p>\n

A whale deposited 900K $WIF<\/a>($1.64M) to #Bybit<\/a> 10 hours ago, leaving 974K $WIF<\/a>($1.76M).https:\/\/t.co\/qJwlxcWy15<\/a> pic.twitter.com\/amIkvwKfNG<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) July 4, 2024<\/a><\/p><\/blockquote>\n

An entirely other sort of whale added to Dogwifhat’s suffering: a sizable investor. Blockchain whale monitoring company LookOnChain discovered a large Solana whale that was disposing of 900,000 WIF tokens in a string of transactions.<\/span> This fire sale, which brought in about $1.64 million, surely accelerated the decline.
\n<\/span><\/p>\n

\"\"<\/p>\n

Dogfight On Derivatives: Bulls Trampled, Bears Feast<\/strong><\/h2>\n

The WIF futures market saw an odd mix of activity, while the Spot market saw a carnage. A startling 25% increase in trading volume propelled Dogwifhat to the coveted third-most-desired meme currency ranking, behind Dogecoin and Pepe Token.<\/span> A deeper examination reveals a different scenario, despite the fact that this volume jump may indicate increasing interest.<\/p>\n

Beneath the surface, there was a bloody conflict between investors who were bullish and pessimistic. The previous day saw the liquidation of WIF bets worth more than $3 million.<\/span> Since long positions were the main focus of this liquidation, investors who had made money on an increase in price were obliged to sell them at a loss when the price fell.<\/span><\/p>\n

WIF market cap currently at $1.9 billion. Chart: TradingView<\/a><\/figcaption><\/figure>\n

Although some may see the higher volume as a hint of a possible comeback, the liquidation statistics show a different story: many bulls were crushed by the bears who were taking advantage of the market correction.<\/p>\n

A Buying Opportunity Or A Boneheaded Move?<\/strong><\/h3>\n

Even all the bloodshed, some people still have hope for Dogwifhat. Some shrewd “Solana whales” have drawn in by the precipitous price decline, seeing the current price as an alluring entry point. This ray of hope depends on Dogwifhat’s ability to relive its former splendour.<\/span>
\n<\/span><\/p>\n

Related Reading: Buy The Dip? XRP Whales Doing Exactly That \u2013 Is A Price Rally Next?<\/a><\/div>\n

Dogwifhat was the darling of meme coins in Q1 2024, riding the wave of the frenzy to a $4 billion market valuation and a spot in the top 30 worldwide crypto rankings.<\/span> But the recent decline is a clear reminder of meme coins’ intrinsic volatility, which sometimes lacks the usefulness or solid foundations of well-known cryptocurrencies.<\/p>\n

Dogwifhat’s future is still up in the air. Its ability to emerge from the doghouse and return to prominence will rely on a number of variables, including as general market trends, community support, and prospective advancements within the Dogwifhat ecosystem.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Once-soaring Solana-based meme coin Dogwifhat had a terrible week, reflecting a wider slump in the cryptocurrency market and casting doubt on the meme coin craze’s long-term viability. Related Reading: Dogecoin Decimated: $5 Million Liquidation Sparks 14% Price Plunge Meme Coin Mania Meets Market Mayhem The price of WIF, the token that powers Dogwifhat, fell 15% in a single day. The gains from a recent recovery rally were completely obliterated by this sharp decline. Dogwifhat wasn’t the only cryptocurrency to see a sell-off; the whole crypto market saw a double-digit decline, with big altcoins like Ethereum and Cardano feeling the pinch. Experts attribute the decline to a number of causes, such as resurrected worries about inflation and a recent sell-off by the German government and the now-defunct bitcoin exchange Mt. Gox. The price of $WIF dropped 15% as the market fell. A whale deposited 900K $WIF($1.64M) to #Bybit 10 hours ago, leaving 974K $WIF($1.76M).https:\/\/t.co\/qJwlxcWy15 pic.twitter.com\/amIkvwKfNG \u2014 Lookonchain (@lookonchain) July 4, 2024 An entirely other sort of whale added to Dogwifhat’s suffering: a sizable investor. Blockchain whale monitoring company LookOnChain discovered a large Solana whale that was disposing of 900,000 WIF tokens in a string of transactions. This fire sale, which brought in about $1.64 million, surely accelerated the decline. Dogfight On Derivatives: Bulls Trampled, Bears Feast The WIF futures market saw an odd mix of activity, while the Spot market saw a carnage. A startling 25% increase in trading volume propelled Dogwifhat to the coveted third-most-desired meme currency ranking, behind Dogecoin and Pepe Token. A deeper examination reveals a different scenario, despite the fact that this volume jump may indicate increasing interest. Beneath the surface, there was a bloody conflict between investors who were bullish and pessimistic. The previous day saw the liquidation of WIF bets worth more than $3 million. Since long positions were the main focus of this liquidation, investors who had made money on an increase in price were obliged to sell them at a loss when the price fell. Although some may see the higher volume as a hint of a possible comeback, the liquidation statistics show a different story: many bulls were crushed by the bears who were taking advantage of the market correction. A Buying Opportunity Or A Boneheaded Move? Even all the bloodshed, some people still have hope for Dogwifhat. Some shrewd “Solana whales” have drawn in by the precipitous price decline, seeing the current price as an alluring entry point. This ray of hope depends on Dogwifhat’s ability to relive its former splendour. Related Reading: Buy The Dip? XRP Whales Doing Exactly That \u2013 Is A Price Rally Next? Dogwifhat was the darling of meme coins in Q1 2024, riding the wave of the frenzy to a $4 billion market valuation and a spot in the top 30 worldwide crypto rankings. But the recent decline is a clear reminder of meme coins’ intrinsic volatility, which sometimes lacks the usefulness or solid foundations of well-known cryptocurrencies. Dogwifhat’s future is still up in the air. Its ability to emerge from the doghouse and return to prominence will rely on a number of variables, including as general market trends, community support, and prospective advancements within the Dogwifhat ecosystem. Featured image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":628227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,91713,83767,91711],"class_list":["post-628201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-dogwifhat","tag-meme-coins","tag-wif"],"acf":[],"yoast_head":"\nIs Dogwifhat (WIF) Out? 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Dogwifhat (WIF) Down For The Count? 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