Dogwifhat (WIF) is currently priced at $2.76, showing an 18.5% decrease in the last 24 hours. This sudden drop has led one analyst to suggest that the coin may need some professional attention, stating, “It needs to see a vet.”
This recent price decline is part of a larger trend that began towards the end of March, resulting in a total decrease of 38.8% for WIF.
Despite the decrease in price, the trading volume of this meme coin has actually increased by over 51% in the last day, reaching $1.1 billion after being at $726 million.
According to data from CoinMarketCap, Dogwifhat is currently ranked 43rd in terms of market capitalization, with a total value of $2.75 billion.
In the meme coin category, WIF holds the third position, following Dogecoin (DOGE) and Shiba Inu (SHIB), and coming ahead of Pepe (PEPE) and Floki (FLOKI).
The coin reached its all-time high price on March 31, 2024, hitting $4.80. Currently, the highest point in the cycle is $4.30, while the lowest is around $2.60.
Recent data shows that WIF has been experiencing significant volatility, with a one-month volatility rate of 23.42. Out of the last 30 days, there have been 16 days of positive price movements, while the remaining days saw a decline in value.
One analyst predicts that WIF’s downward trend may continue for some time, but believes that it could offer substantial returns in the long run. They stated, “It probably ranges for some time, enough to get people moving on and doubting its long term place in this market. The next pump is stronger though. I want to rebuy the summer dip.”
The cooling down of WIF has also impacted other meme coins like DOGE, SHIB, PEPE, FLOKI, and Bonk (BONK), all of which have seen significant drops in the last 24 hours.
DOGE has decreased by 13.56% in the last day and 6.56% in the past week, while SHIB and PEPE lost 10.6% and 17.6% respectively in the last day and 10.3% and 11.9% over the past week.
Among the top 10 meme coins based on market capitalization, only PUPS (Ordinals) has shown price gains in the last 24 hours and the past seven days. Currently, PUPS is up 8.54% from 24 hours ago and 145% over one week.
In other news, Bitcoin has dropped to $65k, and the crypto market is nearing $900 million in liquidations.