Is DogWifHat at Risk? WIF Tumbles 31% as Capital Moves to New Solana

Tim Hakki

Last updated:

April 18, 2024 at 19:48 GMT+3

| 2 min read

Meme coins took a beating this week.

Popular Solana meme coin DogWifHat (WIF) posted seven-day depreciation of as much as 50% in 24 hours by the morning of Thursday, April 18, according to data by CoinGecko, although its intraweek losses have since slowed to about 31% as of this writing.

Among meme coins, WIF took some of the heaviest losses amidst a market-wide downturn that has shaved double digit percentages off virtually every leading cryptocurrency in the last week.

Leading meme coins fell by comparable amounts this week: sector leader Dogecoin (DOGE) lost 25%, Shiba Inu (SHIB) dropped 19.5%, PEPE shed 28%, FLOKI crashed 30% and BONK is down hardest (35%) among the 10 largest funny tokens by market cap.

Bitcoin (BTC) led the losses with a 12% drop over the week and trades at just under $62k. The original cryptocurrency was buffeted by a stormy news cycle that began last weekend when Iran attacked Israel in retaliation for a strike in Syria that killed Iranian soldiers.

Additionally, volatility has increased a little ahead of Saturday’s Bitcoin halving event, a software update that will halve BTC mining rewards.

The halving effectively chokes the new supply of Bitcoin and has many analysts suggesting an imminent bull run as the supply struggles to keep up with fresh institutional demand from the approval of 11 spot Bitcoin ETFs back in January.

Substantial Bitcoin price drops typically signal a market-wide dip. Today virtually every leading cryptocurrency is posting double-digit losses over the week.

Move Over DogWifHat, Solana’s New Star is a Sloth.

Meme coins have an edge on every other crypto category on Saturday, because Bitcoin’s halving coincidentally falls on April 20, international Doge Day.

The Dogecoin community selected Doge Day to commemorate their favorite coin, but given the competition in crypto, many expect canine-related meme coins to get a look-in that day.

April 20 is also the day stoners commemorate their favorite hobby, and a new novelty coin on Solana hopes to challenge canine dominance that day.

Enter Slothana (SLOTH). From the clock on the wall to his baked red-eyes and contented smirk, Slothana is one of 4/20’s biggest fans.

Slothana raised over $10 million in his ICO as traders flocked to the coin hoping to catch some of...

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