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Dogwifhat Token Takes a Hit During Crypto Market Crisis
- Dogwifhat (WIF) has seen a sharp decline as the global cryptocurrency market crashes.
- Initial optimism for WIF has faded due to bearish sentiment and market volatility.
Women’s hat (Wife), a popular meme token on the Solana network, has seen a dramatic price drop. With the token’s price dropping dramatically from $2, this drop reflects the broader global cryptocurrency market crash and highlights the current bearish sentiment among meme token investors.
Dogwifhat, Initial Surge and Optimistic Forecasts
Interestingly, earlier this month, the CNF reported Dogwifhat impressive performanceciting its leadership in the meme token market, surpassing competitors such as Dogecoin (DOGE) and Shiba Inu. Many investors were excited about WIF’s prospects due to this strong start.
Furthermore, well-known trader Bluntz identified significant bullish possibilities for Dogwifhat on July 2, right before the cryptocurrency market started to turn bearish.
After WIF created wave C in a corrective pattern, mapped as wave (ii) in its main structure, Bluntz noticed a possible bullish rally expected by a significant increase in prices. It predicts a price jump of over $10. However, this optimistic forecast was based on the general market sentiment.
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don’t be afraid to dream a little bigger.$Share Italian: https://t.co/zWSk5xicri photo.twitter.com/7XxUJrWAzu
— Bluntz (@Bluntz_Capital) July 1, 2024
Recent performance and current market sentiment
Although initially optimistic, the market has not been kind to WifeData from CoinGecko shows that the price of WIF at the time of writing is approximately $1.63having decreased 10.80% in the last 24 hours. With a sharp drop in 20.91%The current decline also reflects a bearish attitude in the previous seven days.
Dogwifhat’s price has dropped sharply due to a number of reasons, mostly related to the overall cryptocurrency market crash. Meme tokens like WIF have suffered as the global cryptocurrency market shows significant volatility. Growing caution among investors has led to a sell-off that has further depressed prices.
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