Dogwifhat 10% reduction may be ‘horrendous’, but traders are betting.
DogwhipHat (WFF) is down 10.22% in the last 24 hours as one analyst believes it could be a “disaster” for the meme coin, although traders are hoping for a quick price rebound.
Currently trading at $3.37, this comes three days after WIF briefly dipped below critical support levels on May 27 at $2.96, according to CoinMarketCap data.
According to crypto trader Jack Skip “Cryptojack” it is now trading 3.7 percent below the benchmark.
“WIF price must stay above $3.50 or this could be disastrous. Traders beware,” X wrote to his 319,200 followers on May 30, hours after the price plunge.
However, pseudo-crypto trader “Ponzi Trader” has pointed to a reversed trend on the 4-hour price chart, indicating that the price may be due for a quick recovery.
He added: “I'm betting on WIF here.
Looking back at that level, CoinGlass data shows that $20 million is lost on long positions.
This comes as futures traders increased their positions in WF, with Open Interest (OI) at a 2-month high of $478.39 million, a level not seen since April 9.
Among the top 100 cryptocurrencies, WIF took the biggest hit in the last 24 hours, with BONK (BONK) down 7.47%, Book of Meme (BOME) down 7.04% and Shiba Inu (SHIB) down 6.83%.
Related: Memecoins dominate crypto open interest charts, taking 4 of the top 10 spots.
On March 30, WIF reached an all-time high of $4.64. The largest wallet holding 37.62 million WIF tokens sold no tokens at an average purchase price of $0.32.
However, in a recent analysis, the wallet holder has sold 84% since then, and the average purchase price is now $4.31, a decrease of 21%, according to CoinStats data.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
