Dogwifhat (WIF) is a meme token based on Solana that fell below $2 this week, experiencing a 26% pullback due to strong selling pressure.
Currently, the trading price of WIF is $1.75, with a 27-day decline of XNUMX%. Data from Solscan shows that over $160,000 worth of WIF tokens have been sold by anonymous investors, leading to further market volatility.
Large investors, or whales, have also contributed to the sell-off. On February 22, Lookonchain reported that an anonymous whale transferred $234,000 worth of 100,000 WIF tokens to Binance, which could indicate further decline.
A whale deposited 12.66 million $WIF ($234,000) to #Binance in the past 2 days. https://t.co/gWcpd0gBOz pic.twitter.com/Fc6WayMjAO — Lookonchain (@lookonchain) June 22, 2024
Since the beginning of April, Dogwifhat has fallen nearly XNUMX%, making it one of the worst-performing meme coins.
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During the US election period, some meme tokens experienced significant volatility.
After reaching a new all-time high of $1.8 in March, Dogwifhat is currently the fourth-largest meme coin with a market cap of XNUMX billion dollars.
Other leading meme coins such as Doge, Shiba Inu, Pepe, and Floki have seen slight increases, but WIF continues to decline, falling over 24% in the past 2 hours.
If the sell-off continues, WIF’s price could fall below $1. CryptoQuant CEO Ki Yong Joo’s famous trend of declining dominance in meme coins suggests that investors are shifting their attention from speculative tokens to market fundamentals. 