Is DogWifHat (WIF) The “Most Bearish” Of All Major Meme Coins?

Dalmas Ngetich

9 months ago

2 mins read

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Meme coins have been sliding in recent weeks. According to Coingecko, all meme coins’ total market cap is around $42 billion.

Dogecoin remains the most valuable, with a market cap of over $15.4 billion, followed by Shiba Inu, which has a market cap of around $8 billion. It has been a turbulent few trading months for meme coins, whose valuation is down from over $65 billion in Q2 204.

Meme coins total market cap | Source: Coingecko

WIF Struggling, Is This The “Most Bearish Meme Coin”?

Though Bitcoin is turning the corner, a development that can yank top altcoins like Solana and meme coins higher, one analyst is bearish on DogWifHat (WIF). According to Coingecko, WIF is one of the top meme coins on Solana, commanding a market cap of over $1.5 billion and a slot in the top 5.

While WIF might be up over 98,000% after dropping to all-time lows of $0.00155 in December 2023, the token is down 68% from recent all-time highs. WIF prices exploded, riding on Solana expansion and the meme coin fever that swept across the industry in the first half of the year.

The analyst now thinks WIF will likely dump in the coming sessions. Driving this outlook is the state of the chart pattern, which points to weakness all through. From how the WIFUSDT chart is aligned, the token, the analyst claims, could be the “most bearish of all major meme coins.”

WIF is bearish | Source: @Crypto_Scient via X

Bulls Have A Chance If Bitcoin Recovers, DogWifHat Finds Resistance At $2

While there is optimism that WIF could bounce and benefit from the market-wide recovery, the current bearish structure damps optimism. From the analyst’s assessment, buying the meme coin at spot prices is risky. The only time traders can consider loading WIF is once it breaks out from the descending wedge, as is evident in the daily chart.

In summary, WIF is down nearly 50% from July highs. Although prices recovered after the bounce in early August, buyers didn’t build sufficient momentum to reverse losses. The immediate resistance is $1.99, while support is $1.30.

WIF price trending downward on the daily chart | Source: WIFUSDT on Binance, TradingView

For the uptrend to take shape, WIF bulls must break above $2, ideally with rising trading volume. In turn, this may set the momentum for another leg up that could see the token expand to as high as $3–or July highs in a bull bar continuation formation.

Feature image from iStock, chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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