Solana-Based Meme Coins Dominate, But WIF Faces Volatility

In the CoinMarketCap 2024 H1 report, Solana-based meme coins have shown significant performance, with Dogwifhat (WIF) and BONK leading the charge.

Dogwifhat, in particular, surged by 12.34% within a 24-hour period, driven by robust community efforts and the innovative platform Remarkably, even surpassed Ethereum in daily revenue, achieving $2 million on June 30, 2024.

💡 Did you know?

Solana meme coins have outperformed Ethereum memes by a staggering 800% YTD! 🚀

In the CoinMarketCap 2024 H1 report, Solana-based meme coins, like Dogwifhat (WIF) and BONK, led the pack, with Dogwifhat surging 12.34% in just 24 hours. 📈

This surge is driven…

— BeInCrypto (@beincrypto) July 3, 2024

However, the broader crypto market experienced heavy selling pressure today, affecting Solana-based meme coin WIF.

The token saw a sharp 15% decline following a whale’s sale of 900,000 tokens, worth approximately $1.64 million, to Bybit 10 hours ago. Despite this, the whale still holds 974,000 WIF tokens, valued at $1.76 million.

The price of $WIF dropped 15% as the market fell.

A whale deposited 900K $WIF($1.64M) to #Bybit 10 hours ago, leaving 974K $WIF($1.76M).

— Lookonchain (@lookonchain) July 4, 2024

Dogwifhat WIF’s Technical Outlook Analysis Maintains Bullish Sentiment, Once This Happens 

WIF’s technical outlook remains bullish as long as it stays above $1.65. However, it faces significant downside risk if it falls below $1.55, potentially dropping to as low as $0.90.

The #crypto market saw heavy selling, hitting Solana-based meme coin WIF with a 14% drop after a whale sold 900K tokens. #WIF‘s technical outlook is bullish above $1.65, but it faces downside risk below $1.55, possibly dropping to $0.90.

— Todayq (@todayqofficial) July 4, 2024

The recent whale activity and market fluctuations highlight the volatility and risk inherent in the cryptocurrency space, particularly for meme coins. Investors will need to closely monitor these developments and market trends to navigate the ongoing uncertainties.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: gregorylee/123RF // Image Effects by Colorcinch

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