In the early hours, data revealed that DogWifHat ($WIF), a popular meme coin on the Solana network, experienced a significant decline of over 11% in just 24 hours due to a broader market sell-off. At the time of writing, the token’s losses had moderated to 6% for the day, with a total drop of about 10% over the past week, bringing its price to $2.45.
Among the top ten meme coins by market cap, DogWifHat is currently the worst performer among five canine-themed tokens. While the original meme coin, Dogecoin ($DOGE), saw a 2.7% decrease overnight, it remains 23% higher than it was a week ago, now trading at $0.1419.
The meme coin sector overall has taken a hit, contracting by 3.6% in the past day, now valued at $62 billion within the broader $2.42 trillion cryptocurrency market, which also fell by approximately 3.5% overnight.
Recent Price Trends for DogWifHat
Despite today’s notable losses, DogWifHat is still trading at nearly double its price from 30 days ago and is currently testing a resistance level of $3, which it last faced in mid-July. The token found solid support around $1.50 during the challenging periods of August and September.
With a declining RSI score of 29, DogWifHat is now considered oversold, suggesting that it may be undervalued at this moment. This could lead to a rebound in buying activity over the weekend, potentially helping to reinforce the token’s gains seen throughout the summer. In summary, while DogWifHat may be facing a difficult day, the overall outlook for the year remains positive.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
