WIF cryptocurrency plunges 45% in just one month and drops from prime 50 – What is future?

  • Wow, WIF, a standout among the memecoins this season, took a strike and fell out of the leading 50.
  • Rumors are swirling that a sizeable range of shorter positions are at possibility of liquidation if WIF tends to make a comeback.

Nicely, very well, nicely, dogwifhat [WIF], the crypto feeling on Solana [SOL], has had quite the journey these days. The past month has witnessed a fall of 45.83% in the WIF crypto price.

To increase to the drama, this cryptocurrency has slipped out of the esteemed top 50 in marketplace cap rankings. As we converse, WIF is priced at $1.53 with a marketplace cap of $1.56 billion, earning way for Fantom [FTM].

Even although dogwifhat produced its debut in mid-December 2023, it seriously stole the limelight in Q1 2024. For the duration of this period of time, its rate skyrocketed by over 1500%.

WIF’s Quantity Normally takes a Hit

This surge pushed the WIF cost to a file higher of $4.84. Several expected that WIF would achieve $10, but alas, it has been shifting in the reverse course currently.

Some specialists predicted that this memecoin would outperform Pepe [PEPE] and Shiba Inu [SHIB], but individuals forecasts have nevertheless to materialize.

For this evaluation, AMBCrypto delved into Dogwifhat’s on-chain functionality and upcoming probable. The 1st parameter we assessed was WIF’s crypto quantity.

In accordance to Santiment’s details, the buying and selling quantity of the token stood at $211.62 million, hitting a near-reduced not found because mid-May well.

Throughout WIF’s peak period of time, the quantity spiked close to $2 billion on multiple situations.

WIF crypto volume drops, indicates lack of interest

Supply: Santiment

Bearish Challenges Looming

Therefore, at existing, the lukewarm desire in the token hints at tricky times ahead. Rebuilding lost floor could prove to be rather a challenge for WIF’s rate.

Even so, if much more traders capitalize on the discounted costs, there may be a possibility for WIF to bounce back. Unfortunately, self-confidence in WIF’s revival is not quite substantial between traders at the instant.

For instance, blockgraze, an nameless trader, shared his views on X (previously Twitter). He expressed skepticism about a different acquiring prospect with the memecoin, stating:

“Many persons are speaking about how WIF is in their accumulation zone, but I just checked the chart and it doesn’t glance like anyone is accumulating.”

Additionally, Coinglass facts indicates that traders could possibility getting rid of hundreds of thousands if the WIF rate rebounds. This was found in our examination of the liquidation map.

Liquidation takes place when an trade forcibly closes a place to protect against further losses, ordinarily because of to inadequate margin stability or substantial volatility.

The liquidation map pinpoints price tag concentrations exactly where traders encounter liquidation risks. Presently, we noticed that all-around 12.89 million small positions could be liquidated if WIF rises to $1.78.

WIF crypto liquidation map in the marketWIF crypto liquidation map in the market

Source: Coinglass

Is WIF Done for?

At present, WIF’s Weighted Sentiment, primarily based on on-chain data, stands at -1.15. This marked the least expensive issue in the previous six months.

Weighted Sentiment demonstrates the on line sentiment about a project. Hence, this drop indicated that for every single good remark about the memecoin, there have been 1.15 extra leaning toward a bearish point of view.

If this craze proceeds, WIF’s price tag could see even more declines, potentially dropping to $1.35.

Curiously, excessive unfavorable sentiment can from time to time gas a restoration. In the case of WIF, if this scenario plays out, the token’s price might head in the direction of $2.

WIF negative sentiment and declining interestWIF negative sentiment and declining interest

Source: Santiment

Meanwhile, Open Interest (OI) in WIF has dipped under $200 million. OI represents the total value of superb futures contracts in the market.

Let’s Get Imaginative: WIF’s industry cap in comparison to PEPE

When OI rises, it signals an boost in internet positioning. Conversely, a reduce, as witnessed in the circumstance of WIF, indicates traders are closing out their positions.

If this craze persists, WIF’s selling price could see a decline, perhaps slipping underneath the 51st placement in marketplace cap rankings.

Subsequent: Critical indicators Solana may be outperforming Ethereum

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