Is DogWifHat Dead? Crypto Expert Tweets $1 Price Target, New Meme Coin

Tim Hakki

Last updated:

May 10, 2024 08:45 EDT

| 2 min read

One influential trader believes DogWifHat will crash soon.

A top crypto influencer on X believes the popular Solana meme coin DogWifHat ($WIF) could tumble all the way down to a dollar from its current price of $3.17.

In a recent tweet, Bluntz Capital (@Bluntz_Capital) cautioned, “price action on this bounce over the last 3 weeks has been slow, overlapping, and corrective looking.”

Bluntz further argues that WIF’s current gains could be a brief wobble before the token crashes and bottoms out at a dollar.

Since Bluntz joined the ByBit copy trading platform a year ago, he has been ranked as one of the top influencers, meaning he has consistently made money for his followers.

Still, DogWifHat’s current price performance does not reflect a decline.

WIF is up 12% in the last 24 hours and 15% in the last week. It’s moving broadly in line with the rest of the market, where most leading projects are up today.

The project with the second largest gains among the top five meme coins by market capitalization is Pepe Coin.

PEPE rose 6.8% to change hands at $0.05862 as of this writing. It is also up 13% in the last seven days.

Both meme coins outdid market leaders Bitcoin ($BTC) and Ethereum ($ETH). Bitcoin, the world’s largest cryptocurrency, grew 3.5% overnight to trade at $63,176, while Ethereum added 2.2% to hit $3,037.

Like the market leaders, WIF rallied throughout March. However, it diverged a little at the end when the meme coin continued rallying strongly and actually rose to set a new all-time high of $4.83 on March 31. Today’s price represents a 34.2% decline since then.

DogWifHat currently has a Relative Strength Index (RSI) of 57. This has been climbing since midweek, indicating buying momentum. If it doesn’t cool off, investors may well see the beginning of the correction described by Bluntz.

As DogWifHat Wobbles, Crypto’s First Trading Companion, WienerAI, Raises $1.4 Million.

Bluntz’s prediction may prove to be prophetic for WIF holders in the mid-term. Should the currency rebound from a dollar, which he implies, then there will be no damage done. However, meme coins highlight the inherently volatile nature of crypto.

A new generation of meme coins is cropping up though which...

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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!

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