Every meme coin was in the green for the 7D window on CoinMarketCap Monday May 20 except for Solana DogWifHat (WIF). On Saturday it looked like a meme-coin led price slide for WIF, following a sudden stop to the Gamestop meme rally on Wall Street.
But memes recovered in a big spike Monday, leaving only DogWifHat in the red for the week’s trading. Is DogWifHat a bargain at a 9% discount to last week’s average WIF price on crypto exchanges? Or is there something more serious going on with this popular meme coin’s economy that could represent potential future headwinds for meme traders?
DogWifHat’s Case Of The Mondays
Last week’s broad correction in meme prices after the Reddit rally cooled on Wall Street isn’t the only factor for DogWifHat. The rest of the meme-verse is making money again on crypto exchanges. So that was likely the only factor putting downward pressure on meme coins.
WIF, however, is a puppy in the middle of a bulls and bears tug of war, according to a weekend report by CoinGape. Altcoin traders are “selling their positions in WIF as it even fails to reach short zones and chart patterns signal massive selling,” the outlet reported Saturday.
As a result, one whale sold 732,481 WIF tokens for $1.85 million at a loss. This crypto investor bought the tokens for $2.18 million. Other WIF whales have reportedly reflected bearish sentiment after that big OofWifHat. That has left traders skittish about WIF’s prospects.
Accordingly, meme coin technical analysts watched carefully as bears tested support around $2.5 this weekend. As the chart reads, a fall below this level could take WIF all the way down to $1.6 next, but bulls did begin to rally late Sunday and into Monday, just not with the energy of other memes. Participants are edging up cautiously with an eye out for whale splashes.
Kai Cat Coin To The Meme Trader’s Rescue?
About a month ago on Apr. 10, one frustrated altcoin gem hunter who goes by the handle Crypto-Apprentice on Reddit asked:
“[Was] anyone actually able to look at WIF when it was announced and think ‘this coin has a great team and roadmap and it makes sense for me to put money into it’? Their website even says that the token is just a dog wif a hat, nothing more. So is it usually luck more than actual strategic investments when it comes to coins like these?”
Luck is really just an acronym for Labor Under Correct Knowledge. Luck happens when preparation meets opportunity. The top voted answer on the Reddit thread said that currencies that make a real team effort to hold value win against the odds– and mentioned a cat-themed meme token that took a plunge and then recovered. The cat meta in Web3 is growing.
Stay Connected With KAI On Socials: X | Telegram
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.