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DogWifHat in Danger? WIF Price Tumbles 17% as New Solana Meme Coin Gains Momentum

Popular Solana meme coin DogWifHat (WIF) appears to be wobbling hard after shedding 17% of its value in the last 24 hours to trade at $3.69 as of this writing.

WIF’s decline is part of a broader market pullback today that shaved around 5% from market leaders Bitcoin and Ethereum overnight.

At $66,313, Bitcoin currently trades at 10% shy of its all-time high (ATH) 0f $73,737.94, posted on March 14, 2024. Ethereum changes hands at $3,342, more than 30% down from its ATH of $4,878, posted on November 10, 2024. 

Generally speaking, crypto has spent most of the year so far rallying. However, last Thursday concluded one of the industry’s most infamous chapters in recent history.

Sam Bankman-Fried, the former CEO of the industry’s biggest casualty and one of the largest bankruptcies in history, FTX, was sentenced to 25 years for multiple charges, including fraud and conspiracy after he siphoned billions of dollars in FTX customers’ money to its sister company Alameda Research.

It seems this reminder of crypto’s wilder days, together with cooling demand for spot Bitcoin ETFs, has together brought crypto prices down across the board.

Over on WIF’s trading chart we can see significant but volatile appreciation in throughout much of last month. About three weeks into April, WIF posted something like a bull run as it rallied from a support level just north of $2, up an ATH of $4.83 on March 31.

Source: TradingView

Today’s price is about 22% short of that, however, WIF’s relative strength index (RSI) is at 34 and appears to be falling. Should it fall to 30, the point when a stock is “oversold”, it is likely that prices will stop tumbling as the market rebalances.

Slothana Is Solana’s Next WIF

WIF may have posted some bullish price action recently, however, it’s not likely to flip stalwart rivals Dogecoin and Shiba Inu any time soon. Dogecoin has first-mover advantage, being over ten years old already, while Shiba Inu has an active ecosystem of developers helping add use and value to the token.

They’re also all based on the same species of dog.

However, investors needn’t FOMO about not getting into the dog coins early enough. That’s because crypto has a new viral critter.

In just a few days, traders have poured $5.8 million into an ICO for new Solana meme coin Slothana ($SLOTH), in a bid to try and recapture some of that early potential of the network’s established funny tokens like Slerfs, DogWifHat and Bonk.

Attention, fellow sloths! Poll time. Should we launch on DEX only, embracing the true spirit of decentralization and lazy trading? Or should we go full throttle, hitting up both CEX and DEX like the overachieving sloths we could be? Cast your vote below #slothana #memecoin

— Slothana (@SlothanaCoin) March 29, 2024

Solana’s latest meme sensation is a lazy sloth who lives and works on the Solana blockchain. But with his permanently hazed red eyes, he gives the impression that he really doesn’t want to work. Oh no, he’s eyeing something bigger: he wants to go from 420 to $420 million.

There are also rumors circulating that Slothana is from the same team that launched Smog (SMOG), which rallied strongly after ending its presale and listing.

Details are scarce at present, but interested investors can join the presale by sending SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA

To check out the project, Visit Slothana Here

The post DogWifHat in Danger? WIF Price Tumbles 17% as New Solana Meme Coin Gains Momentum appeared first on Cryptonews.

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