Here’s Why The Dogwifhat Price Crashed Below $2 This Week

Solana Meme Coin Dogwifhat (WIF) Tanks Below $2, Plummets by Double Digits

The value of Solana's meme coin Dogwifhat (WIF) has plummeted below $2 this week, experiencing double-digit declines as investors withdraw interest.

Massive Sell-Offs Push Dogwifhat Down

WIF is currently trading at $1.8, heavily influenced by selling pressures. Solscan data indicates that anonymous investors have sold over $16 million worth of WIF tokens in the past week.

Volatile Market Impacts Dogwifhat Price

Meme coins like Dogwifhat are highly susceptible to market fluctuations. The recent sell-offs are attributed to the ongoing market volatility. Additionally, whales selling off their holdings, as reported by Lookonchain, have contributed to the decline.

A Month of Declines

Since early June, Dogwifhat has witnessed significant losses, declining by nearly 40%. Its all-time high of $3.97 in March is now a distant memory.

Market Position and Outlook

As of writing, Dogwifhat ranks as the fourth largest meme coin by market capitalization ($1.8 billion). Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI) have all experienced slight gains, while Dogwifhat continues to trend downward.

Expert Sentiment and Future Predictions

CryptoQuant founder Ki Young Ju has expressed skepticism about the future of meme coins. He suggests that investors may shift away from high-risk meme coins and focus on market fundamentals. If selling pressures persist, WIF's price could drop further below $1.