Dogwifhat (WIF) has plummeted 10.22% over the past 24 hours to a level one analyst believes could be “catastrophic” for the meme coin, though traders are hopeful of a quick price rebound.

Currently trading at $3.37, it comes only three days after WIF briefly dipped below crucial support levels at $2.96 on May 27, per CoinMarketCap data.

It is now trading 3.7% below a concerning price benchmark, according to crypto trader Jack Skipp aka “CryptoJack.”

“The price of WIF needs to stay above $3.5 or this could be catastrophic. Traders beware,” he wrote in a May 30 X post to his 319,200 followers just hours before the price decline.

However, the pseudonymous crypto trader “Ponzi Trader” pointed to a reversal pattern forming on the 4-hour price chart, signaling that the price may be due for a quick recovery.

“I’m betting on a WIF bounce here,” he added.

Chart

Despite the price decline over the past day, WIF is still up 27% over the past 30 days. Source: CoinMarketCap

If it revisits that level, CoinGlass data shows that $20 million in long positions will be wiped out.

It comes as futures traders ramp up their positions on WIF, with Open Interest (OI) at a 2-month high of $478.39 million, a level not seen since April 9.

Chart

Source: Ponzi Trader

Among the top 100 cryptocurrencies, WIF took the biggest hit over the past 24 hours, with BONK (BONK) down 7.47%, Book of Meme (BOME) taking a 7.04% price decline, and Shiba Inu (SHIB $0.000026) also down 6.83%. 

On March 30, WIF reached a new all-time high of $4.64. The largest wallet holder, holding 37.62 million WIF tokens at an average purchase price of $0.32, had not sold any tokens.

However, upon a recent investigation, it was found that the wallet holder has since sold 84% of their holdings, with their average purchase price now at $4.31, down around 21%, according to CoinStats data.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Recommended content


Recommended Content

Editors’ Picks

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?  

More Litecoin News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.

More Bitcoin News
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.

More Cryptocurrencies News
Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.

More Bitcoin News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP