The sensational memecoin, Dogwifhat—often simply referred to as WIF—has been a veritable whirlwind in the cryptocurrency market throughout this year’s first quarter. Much like how Bitcoin has been thrown into the tumbleweeds of a recent downtrend, WIF, an adorably canine-themed token, has seen a price slump of over 10%. A cadre of crypto gurus are hedging bets, setting the next prize target for the trendy token at a cool $1.
This unexpected downturn follows the memecoin’s awe-striking run at 95,000%; a jaw-dropping leap from $0.004773 to a record crushing all-time high of $4.58 by the crest of last March. Such an astronomical ascent christened Dogwifhat as one of the prime contenders in the initial memecoin rush.
Yet, since then, the fortunes of WIF have been a rollercoaster. The token has seen price fluxes within the $2.3 and $3.7 window, even nudging the $4 resistance ceiling by the cusp of May. Noted cryptoanalyst, Bluntz, tracing WIF’s tempered performance, has fixed a prospective target of $1 for the resurgent memecoin.
Closely observing WIF’s downward trajectory towards the $1 mark, Bluntz was quoted saying that this descent appears “inevitable”. His presumption is based on the token’s spectral five-wave impulse, succeeded by an ensuing a,b,c zig-zag flux. To Bluntz, the ‘b’ wave simply took longer to unfurl than originally anticipated. He is eyeing the c wave to fall between the $1 and $2 price swathes, potentially offering a “generational buy opportunity” for keen investors.
Although a pinch bearish, Bluntz’s prediction stems from a preceding bullish forecast. He foresees a significant retraction before the WIF’s “next parabolic” leap, one that boasts the potential to reach new all-time highs.
Crypto whiz Otsukimi seconds this sentiment, declaring that WIF’s performance paints a steady picture. According to him, it displays a “solid last stand with a trend support” within a complicated range, indicating a strong potential for the coin’s rebound from its present fluctuations.
As if all these developments weren’t stirring enough, Dogwifhat found itself in the spotlight for a moment, thanks to none other than Elon Musk. Mentioned by the tech magnate during a live stream, WIF became the talk of the crypto town, leading to a speculation frenzy. Some even sensed an implicit approval: “You can tell he had more to say but stopped himself,” mused one user.
However, the so-called ‘Musk Effect’ fell flat as WIF remained tethered between the $2.65-$2.8 range. Interestingly, the token WIFIHAT – a spinoff of Dogwifhat created in haste post the live stream – saw a spectacular albeit brief surge of 6,200%.
As the dust begins to settle, WIF observed a decline of 14.6% trading at $2.44 on the last report. This shows a 26.3% and an 18% dip on weekly and monthly time frames. Despite these numbers, the token’s market activity shows a robust 76.1% spike within the past 24 hours, with a daily exchange volume of $705.6 million.
