- The GameStop-led meme coin rally has now been overshadowed by a market correction.
- Solana-based Dogwifhat reboots above $2.50 despite approaching sales wall.
- Although The Sphere raised $682,000 to put on the hat, the WIF community is still in the dark.
Solana-based meme coin Dogwifhat (WIF) was trading at a monthly low of $2.44 on Sunday afternoon. Before rebounding slightly to $2.70, the dog in the hat coin fell below the $2.50 support line, worrying investors. According to cryptocurrency technical analyst Seth Fin, this critical support level will determine whether WIF will break above $2.70 or risk falling to $1.60.
Although the negative WIF price trend over the weekend triggered several Solana whale sell-offs, the sentimental dynamics of the canine coin seem to be changing quickly. For example, one SOL whale sold all 732,481 tokens for $1.85 million and initially purchased WIF coins for $2.18 million. The whale, which was in the red by $330,000, made the move when WIF was down nearly 50% from its all-time high of $4.83.
return of the whale
Meanwhile, blockchain detective agency LookOnChain discovered that a cryptocurrency whale cashed out $1.83 million in USD Coin (USDC) to purchase 227,896 Dogwifhat tokens at $2.66, filling its WIF stash hours later. Currently, the whale holds 372,593.55 WIF tokens at $2.70 and $832.71K USDC, still in its wallet.
As the meme coin division witnessed double-digit gains during the hype period for revitalized GameStop (GME) stock, WIF was unable to claim a new monthly high, surging as high as $3.25. With GME retracing 15.55% over the past five days, WIF has faced a market correction of 7.9% over the same period. At press time, WIF is trading at $2.71, up 7.3% in 24 hours, according to CoinGecko.
As more WIF traders sell Solana’s Dog in a Stylish Hat cryptocurrency than buy it, the potential for additional selling increases. In the last 24 hours, the consolidated liquidity book recorded $18.74 million in WIF sales, surpassing the $15.29 million bid. On the other hand, Dogwifhat’s technical indicators point to the Chaikin Money Flow (CMF) index being slightly positive at 0.05, suggesting renewed interest in meme coins.
On the flip side
- The Dogwifhat community previously raised approximately $682,000 for a promotional campaign for the landmark Las Vegas Sphere.
- After Dogwifehat’s fundraising campaign was completed, no updates It was a given whether the hat-wearing initiative would actually happen.
Why This Matters
The Solana-based meme currency has inspired several altcoin rallies this year, establishing a competing narrative alongside artificial intelligence (AI) and real-world assets (RWA).
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