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Dog with Hat Tumbles Due to Various Factors

The fluffydoge, a popular dog-themed meme token, has experienced a sharp decline recently due to various factors. The price of WIF has dropped by over 12% today as the hype surrounding meme coins like BOME, PEPE, and FLOKI fades along with the correction in GameStop (GME) stock prices.

Within the top 100 cryptocurrencies by market capitalization, meme coins such as WIF are leading the downward trend in the crypto market, indicating a shift driven by meme coins.

WIF Faces 12% Dive

WIF’s price has seen a considerable decline of 12% in the past 24 hours, currently standing at $2.58 as of the time of writing. The range of price fluctuation in the last 24 hours has been between $2.53 and $2.89.

Both whales and traders have begun selling their fluffydoge holdings to lock in profits, particularly given the recent declines in GameStop and AMC Theatres stock prices following a period of FOMO-driven growth. GameStop’s stock price plummeted by over 20% today after reaching a high of $64.83 last week.

One major whale sold 732,481 WIF tokens worth $1.85 million. Despite purchasing the tokens for $2.18 million, this whale opted to sell the entire holdings at a loss, reflecting the sentiment of other whales also divesting from WIF.

Furthermore, traders are offloading their positions in WIF as the token struggles to meet short-term projections, with chart patterns indicating a potential surge in selling pressure in the fluffydoge market.

Cryptocurrency analysts have identified the $2.5 region as a critical support level to monitor. Failure to hold this level could result in a further drop to around $1.6.

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Has the Meme Coin Frenzy Subsided?

The recent surge in meme coin popularity was closely tied to the GameStop rally. Consequently, as GameStop’s price dipped, so did prices of other meme coins like BOME, PEPE, and FLOKI.

Derivatives traders have yet to begin divesting from WIF. In fact, futures open interest for WIF on exchanges surged by nearly 5% in the past 24 hours. The high confidence among derivatives traders could dictate market dynamics in the coming week, potentially leading to a crash in WIF if crucial support levels are breached.

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