Dogwifhat (WIF), the memecoin sensation that took the crypto market by storm during Q1, has followed Bitcoin’s recent downturn. As the dog-themed token faces a price decline of over 10%, some crypto analysts consider that a stop at $1 may be the next target for WIF.
Is The Hat Still On?
Dogwifhat was the talk of the town earlier this year after becoming one of the leading champions of the Q1 memecoin frenzy. The token had a 95,000% “turbo parabolic” run from $0.004773 to its all-time high (ATH) of $4.58 at the end of March.
Since then, WIF has hovered between the $2.3 and $3.7 price range, briefly testing the $4 resistance level at the end of May. Its most recent performance has led crypto analyst Bluntz to set a $1 target for the memecoin.
In an X post, the analyst and trader stated that WIF’s descent to the $1 prince range is “inevitable.” According to Bluntz’s chart, the token displays a macro five-wave impulse followed by the formation of an a,b,c zig-zag pattern.
To the analyst, “the plan hasn’t changed,” but the b wave “took longer than initially thought.” Additionally, he set the target for the c wave between the $1 and $2 price range, which should offer a “generational buy opportunity” to investors.
Nonetheless, the analyst’s seemingly bearish forecast is based on his previous bullish prediction. To Bluntz, the memecoin will significantly retrace before the “next parabolic leg” that could see WIF reach a new ATH.
According to crypto trader Otsukimi, WIF’s chart exhibits a solid performance. To the trader, it “shows a solid last stand with a trend support alongside the mid of the complicated range.”
Moreover, he considers WIF’s bullish consolidation to be “very wide,” which makes a bounce back from its current levels possible.
Elon WIF Hat
As the week started, Dogwifhat was acknowledged by X owner and ‘Dogefather’ Elon Musk. During a live stream, Musk claimed having heard of the memecoin sensation before changing the topic. “Yes, I have heard of dogWiFihat, dogwifhat,” he said.
The crypto community quickly shared the news and speculated whether Musk liked the token. One user claimed, “You can tell he had more to say but stopped himself.”
Others were expectant of the impact the mention could have in the memecoin’s price. The ‘Musk Effect’ didn’t reach WIF, as the token continued hovering between the $2.65-$2.8 range.
However, Musk’s impact propelled a quickly created dogwifihat (WIFIHAT). The token surged by 6,200% in the hours following the live stream, going from $0.00007048 to $0.004506. WIFIHAT saw a short-lived rally as it shredded over 95% of its gains in the past 24 hours.
WIF has also seen a decline of 14.6% on the last day, trading at $2.44 at the time of writing. This performance represents a 26.3% and 18% decrease in the weekly and monthly timeframes. Nonetheless, the token’s market activity has seen a 76.1% increase in the past 24 hours, with a daily trading volume of $705.6 million.