Dogwifhat Tumbles 12% On Multiple Factors

Dogwifhat ( WIF ), a dog-themed meme coin, has experienced a significant drop in price due to various factors. The price tumbled over 12% in the last 24 hours, with the current trading price at $2.58. The decline in the crypto market is attributed to meme coins such as WIF , BOME, PEPE, and FLOKI. Whales and traders are selling Dogwifhat ( WIF ) to book profits early as GameStop and AMC Theatres prices tumbled after a recent FOMO for upside. GameStop price fell after a spectacular rally last week, dropping more than 20% today after hitting a 52-week high of $64.83. A whale sold 732,481 WIF worth $1.85 million, purchasing the WIF holdings for $2.18 million but selling them at a loss. Other whales have also reflected the same sentiment to offload their holdings in $WIF.

Crypto analysts have pointed out $2.5 as the crucial support level to watch, with the next drop around $1.6 if WIF loses this level. The meme coin hype was triggered by GameStop's rally, and as the GME price fell, so did the meme coins including BOME, PEPE, and FLOKI prices.

Derivatives traders have not started selling WIF , and the WIF exchange futures open interest rose nearly 5% in the past 24 hours. High confidence in derivatives traders could drive market action next week, with traders likely to crash WIF next week if the crucial support is broken.

Technical Outlook
Dogwifhat ( WIF ) token is down 8.8% as of the time of writing trading within the oversold region with the Relative Strength Index (RSI) sitting at 31.16. Technical indicators like the Moving Averages (MA), and Moving Average convergence Divergence (MACD) posit a bearish trend looming ahead for $WIF.