Significant decrease in prices
Dogwifhat (WIF) has experienced a significant decrease in price, dropping to $2.76, marking an 18.5% decline in the past 24 hours. This downward trend started in late March, with WIF’s price falling by 38.8%. The recent drop has led one analyst to humorously suggest that the coin needs a vet.
Despite the price decline, WIF’s trading volume has actually increased by more than 51% in the last 24 hours, reaching $1.1 billion compared to $726 million previously.
According to CoinMarketCap’s data, Dogwifhat currently holds the 43rd spot in market capitalization, with a total value of $2.75 billion. Among meme coins, WIF ranks third, following Dogecoin (DOGE) and Shiba Inu (SHIB), and is just ahead of Pepe (PEPE) and Floki (FLOKI).
WIF reached its all-time high price on March 31, 2024, reaching $4.80. Currently, its cycle high stands at $4.30, with the low at approximately $2.60.
The volatility of Dogwifhat has been significant lately, with a one-month volatility rate of 23.42. Over the past 30 days, it has experienced favorable price movements on 16 days, while the rest of the days have seen its value decline.
One analyst, known as “The Flow Horse,” predicts that WIF’s bearish trend will continue for some time, but they believe it may offer significant returns in the long run. They expect the coin to range for a while, causing doubt about its long-term position in the market, but anticipate a stronger pump in the future.
The cooldown has not only affected WIF but also other meme coins such as DOGE, SHIB, PEPE, FLOKI, and Bonk (BONK), all of which have experienced significant declines in the past 24 hours.
DOGE is down 13.56% in the last 24 hours and 6.56% over the past week. SHIB and PEPE have lost 10.6% and 17.6% of their values in the last day, and 10.3% and 11.9% respectively over the past week.
Among the top 10 meme coins in terms of market capitalization, only PUPS (Ordinals) has seen price gains in the past 24 hours and the previous seven days. As of now, PUPS is up 8.54% from 24 hours ago and 145% over one week.
In summary, the cryptocurrency market has seen a drop in prices, with Dogwifhat and several other meme coins experiencing significant declines. However, there are still some coins, like PUPS, that have shown positive price movements during this period.
