Dogwifhat Price Crash – Is WIF Dead, New Meme Coin Sealana Raises $300K
dogwifhat (WIF) continues to be one of the most talked-about meme coins on the market.
Although WIF has struggled recently, many crypto traders still believe it has enormous long-term potential.
But what about the newly launched Sealana (SEAL)?
WIF Price Analysis – Current Levels & Price Action
Let’s kick things off by looking at the price action around dogwifhat right now.
This dog-themed token currently trades at $2.83, representing a 42% pullback from its recent all-time high.
However, it’s worth noting that WIF has been steadily climbing in the past few weeks.
In fact, the token has been creating higher highs and higher lows on the daily chart – a technical pattern that could signal more upside is on the horizon.
Strong support seems to be holding around the $2.25 level, too.
Anytime WIF has tapped that level, buyers have swiftly returned to push it back up.
That said, WIF’s spot volumes have dropped 34% in the past day, meaning the token may be losing steam.
Whether this is temporary or a sign that WIF has fallen by the wayside remains to be seen.
The meme coin community seems to have conflicting thoughts on this – some see breakout potential, while others believe WIF’s days of explosive bull runs are over.
Is dogwifhat Still Exciting?
Despite dogwifhat’s pullback, there’s still a bullish case for the token at current levels.
For one, WIF continues to command a massive following within the meme coin community – particularly on Twitter and Reddit.
Additionally, WIF remains the fourth largest meme coin by market cap.
That’s an impressive feat for a project that started as a literal joke and has no utility.
Then there’s the Solana factor to consider.
As the hottest meme coin ecosystem right now, WIF’s foundation on Solana gives it an edge over rivals on more congested chains like Ethereum.
However, WIF’s lack of a use case does remain a concern for long-term investors.
While the token has thrived on hype and speculation, the market might eventually demand more substance.
All in all, opinions seem to be mixed on whether WIF still has the legs to run higher – or if its glory days are behind it.
What About Sealana?
A new contender has emerged.
That contender is Sealana – a token centered around a chubby seal character obsessed with crypto trading.
It’s an amusing (and unique) take that immediately separates SEAL from the countless dog and cat-themed coins.
But Sealana isn’t just about memes.
The token has tangible backing, evidenced by over $300,000 raised in its presale phase so far.
Over 1,100 people have also followed the Sealana Twitter page in the past week.
Like dogwifhat, SEAL has no use case and will likely rely solely on speculative demand.
Yet this approach has proven effective in 2024, with Book of Meme (BOME) and Popcat (POPCAT) being two recent success stories.
Numerous crypto influencers have already started throwing their support behind Sealana on YouTube.
For example, Jacob Bury released a video speculating that SEAL’s price could 10x once listed on the open market.
So, for those seeking exposure to the Solana meme coin space but hesitant to get involved with WIF, Sealana could prove to be an alternative.
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Filed under: Bitcoin - @ May 9, 2024 4:24 pm