Dogwifhat (WIF) Open Interest Plunges 28%, Traders On Edge

Dogwifhat Open Interest Plunges 28% Amid Market Sell-Off

The open interest for Dogwifhat (WIF) has experienced a significant decline of 28%, reaching levels of $252.5 million since July 27. This decrease coincides with a drop in the token's price to $1.67.

The current correction has led traders to anticipate a potential retest of the critical support level at $1.50. Futures traders remain cautious about a rapid rebound given the recent volatility. WIF's current price of $1.60 reflects a 4.34% decrease in the last 24 hours.

Consequences of the Open Interest Decline

During this period, five wallets identified as potentially belonging to the same entity sold 14.53 million WIF tokens, netting approximately $69 million. This large-scale sell-off contributed to the bearish sentiment and price decline.

Market Dynamics and Future Prospects

In contrast, a notable crypto analyst has projected a positive outlook for meme coins, including PEPE and POPCAT. This suggests that despite the current challenges, WIF may have potential for recovery and growth.

Traders are closely monitoring key support levels to guide their decisions in this evolving market landscape.