Crypto News

Solana-Based Meme Coins Dominate, But WIF Faces Volatility

In the CoinMarketCap 2024 H1 report, Solana-based meme coins have shown significant performance, with Dogwifhat (WIF) and BONK leading the charge.

Dogwifhat, in particular, surged by 12.34% within a 24-hour period, driven by robust community efforts and the innovative platform Remarkably, even surpassed Ethereum in daily revenue, achieving $2 million on June 30, 2024.

However, the broader crypto market experienced heavy selling pressure today, affecting Solana-based meme coin WIF.

The token saw a sharp 15% decline following a whale’s sale of 900,000 tokens, worth approximately $1.64 million, to Bybit 10 hours ago. Despite this, the whale still holds 974,000 WIF tokens, valued at $1.76 million.

Dogwifhat WIF’s Technical Outlook Analysis Maintains Bullish Sentiment, Once This Happens 

WIF’s technical outlook remains bullish as long as it stays above $1.65. However, it faces significant downside risk if it falls below $1.55, potentially dropping to as low as $0.90.

The recent whale activity and market fluctuations highlight the volatility and risk inherent in the cryptocurrency space, particularly for meme coins. Investors will need to closely monitor these developments and market trends to navigate the ongoing uncertainties.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: gregorylee/123RF // Image Effects by Colorcinch

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