Solana-based meme coin Dogwifhat had a phenomenal rally last month with the WIF price rallying all the way to $4.75 thus becoming the third-largest meme coin by market cap.  However, the Dogwifhat price is facing strong selling pressure slipping by more than 10% over the last 24 hours, all the way to $3.53. Since then, it has partially recovered and at press time, it’s trading at $3.9 level.

Dogwifhat Price Faces Selling Pressure In April

The WIF token faces downward pressure, experiencing a 10% correction over the past 24 hours and a 25% decrease since the beginning of the month, reflecting heightened selling activity within the cryptocurrency market. A rounding top pattern observed in the 4-hour timeframe suggests a strong bearish sentiment prevailing for the memecoin.

Additionally, the Simple Moving Average (SMA) indicates a downward trend, indicating a potential price decline for the WIF token in the near future. The Moving Average Convergence Divergence (MACD) indicator presents a continuous red histogram, signaling an increase in selling pressure compared to buying pressure in the crypto space.

Despite the bearish outlook, if the market undergoes a trend reversal, the WIF token may gather momentum and aim to retest its recent high of $4.1975 by the upcoming weekend. Conversely, if the negative trend persists, the dogwifhat token could descend to test its support level at $3.

Another Solana Meme Coin Ready for Launch

As the bullish sentiment around Dogwifhat cools down a bit, investors in the Solana ecosystem are getting ready for another major meme coin launch. Amidst the rapid growth of meme coins within the burgeoning Solana ecosystem, Smog (SMOG) stands out with its dragon-themed concept and extensive airdrop campaign. The project recently concluded its season one airdrop campaign, distributing a staggering $1 million. Following this milestone, the team behind Smog announced the coin’s first major exchange listing.

.@SMOGToken: Buy and hold $SMOG tokens to gain access to the greatest airdrop Solana has ever seen, is coming to #MEXCKickstarter

Vote with $MX to share massive airdrops
$SMOG/USDT Trading: 2024-04-04 09:00 (UTC)

Details: https://t.co/2hnzMA3fB4 pic.twitter.com/UYKQrN9L4T

— MEXC (@MEXC_Official) April 3, 2024

Traders and investors now have the opportunity to trade SMOG/USDT on MEXC, ranked as the 11th largest cryptocurrency exchange by daily trading volume. The distribution of Smog tokens was determined by the number of Zealy quests completed by each participant. Investors eagerly pursued XP, collectively achieving an impressive 7.5 million quests.

The post Dogwifhat (WIF) Price Tanks 10%, End of Bull Party or Healthy Correction? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am