Crypto : -70% from its peak… Is it time to buy Dogwifhat ?

The constantly changing crypto market always holds surprises. While giants like Dogecoin or Shiba Inu seemed untouchable, a new player came to shake up this balance in 2024 : WIF. Supported by the Solana network, known for its speed and low costs, this memecoin quickly climbed the market ranks to surpass PEPE, only to then experience a resounding drop.

Solana, the engine of new dynamism for meme coins

In 2024, the Solana network enabled a new project, WIF, to rise among the top five memecoins. It even briefly surpassed the so-popular PEPE to take third place. Such a change is mainly explained by Solana’s technical advantages, a network known for its speed and low transaction costs. Within a few months, Dogwifhat coin managed to capture growing attention. This rise was facilitated by a favorable market environment, despite persistent volatility. The memecoins market is extremely responsive to technological advancements. And Solana offers an ideal framework for these highly volatile cryptos.

At its peak, WIF reached a value of $4.85, although it now sits around $1.51, a 70% decline from its high. Despite this correction, the project’s market capitalization remains significant at $1.5 billion. However, trading volume has dropped 35% over the past 24 hours, to just $170 million. This decline in trading reflects moderate investor interest but hints at potential for a rebound.

Contrasting prospects for WIF and other memecoins

While some analysts believe that Dogwifhat could still surprise, others are more cautious about its future. For the latter, as long as Bitcoin remains stable, significant gains should not be expected for projects like WIF. This caution can be explained by the strong correlation between Bitcoin’s movements and other cryptos.

In contrast, the most optimistic voices believe the memecoin is in a strong position despite the overall decline in the crypto market. WIF is holding up well, and a breakout could trigger a strong rebound. This analysis is based on the apparent resilience of Dogwifhat against downward pressure. Moreover, long-term prospects could radically change if the Solana network continues to support and innovate in the domain of memecoins. However, these optimistic forecasts need to be confirmed by sustained performance and renewed investor interest.