Dogwifhat (WIF), the viral sensation of the memecoin world in Q1, is now experiencing a downturn similar to Bitcoin. With its price declining over 10%, some analysts believe that WIF may soon reach a target of $1.
Dogwifhat gained immense popularity earlier this year, becoming one of the prominent figures in the memecoin frenzy of Q1. The token skyrocketed by 95,000% from $0.004773 to its all-time high of $4.58 at the end of March.
Since then, WIF has been fluctuating between the $2.3 and $3.7 range, briefly testing the $4 resistance level in May. Crypto analyst Bluntz predicts that WIF will eventually reach the $1 range.
Bluntz’s chart analysis indicates a macro five-wave impulse followed by the formation of an a,b,c zig-zag pattern. According to Bluntz, the descent to the $1 range is inevitable, and it will present a generational buying opportunity for investors.
Although Bluntz’s forecast may seem bearish, it is based on a bullish prediction for WIF’s future. He believes that the token will retrace significantly before embarking on the next parabolic surge that could take WIF to new all-time highs.
Another crypto trader, Otsukimi, sees WIF’s chart performance as relatively solid. The trader believes the token has a strong foothold at its current levels and could experience a bounce back.
During a recent live stream, Elon Musk, the owner of X and Dogefather, acknowledged Dogwifhat. While Musk did not delve further into the topic, his mention of the token sparked interest within the crypto community.
However, the so-called “Musk Effect” did not impact WIF significantly, as its price continued to hover between the $2.65 and $2.8 range. Nevertheless, a new token called WIFIHAT experienced a surge of 6,200% shortly after Musk’s mention, only to lose over 95% of its gains in the following 24 hours.
Currently, WIF has experienced a 14.6% decline in the past day and is trading at $2.44. This translates to a weekly and monthly decrease of 26.3% and 18%, respectively. Despite the recent decline, WIF’s market activity has seen a substantial increase, with a 76.1% rise in trading volume over the past 24 hours, reaching $705.6 million.