DogWifHat Slumps After Exploding 370% – Why Investors Are Pivoting to Solana Meme Coin SLOTH?
Dogwifhat ($WIF) is one of the most trending cryptocurrencies of March. As of April 1, the Solana meme coin has climbed close to 370% on the monthly price chart.
But WIF is not immune to the harsh rules of the meme coin market, where a dump inevitably follows a pump. As competition grows stiff, Dogwifhat investors are cashing out to join new alternatives like Slothana and DOGE20.
On the 7th day, Slothana said, 'Let there be memecoins!' And lo, the crypto world rejoiced as the laziest deity of them all blessed us with meme magic. Unto my fellow believers in the slothful gospel of crypto, may your baskets be full of memecoins this easter🐣 #slothana
— Slothana (@SlothanaCoin) March 31, 2024
What you'll learn 👉
Is DogWifHat Awaiting a Steep Crash?
Solana meme coins are all the rage now, outperforming crypto niches like DeFi and exchange tokens. The trend is led by Dogwifhat.
It is currently the third-largest meme coin by market cap. It has a valuation of $4,461,253,487, surpassing Pepe and BONK. WIF recently touched the $4 price mark. Since January 2024, it has climbed 6499.33% in value.
Has WIF reached the saturation point?
It’s too early to tell. For a long time, no meme coins have been able to reach the first and second positions, dethroning Dogecoin or Shiba Inu. But the third position on the meme coin chart sees a new face often.
Dogwifhat 1-day price action, 1 April 2024, source: CoinMarketCap
$WIF is unlikely to stay cemented to the current valuation or position, as a result. The signs of a steep crash have already begun showing, with the meme coin slumping 6.78% on the daily chart on Monday.
Fierce competition from other Solana-based meme coins is behind the decline. A key contender is Slothana ($SLOTH), which just surged past its $5M presale milestone within a week of going live. The new meme coin themed around an ‘office sloth’ takes after meme coin investors who are on the daily 9-5 grind and has become an instant viral phenomenon.
Slothana: The New Solana Meme Coin Sensation
Slothana’s success is not a mystery. The meticulous design of the seemingly simple token checks off all the essential criteria for meme coin success. From its theme to its strong community building, the design and execution of Slothana have been strategic.
To begin with, the ‘office sloth’ theme strikes a chord with many in the crypto community who are looking for an escape from the usual 9-5 grind. With this relatable theme, the project is fostering a robust meme coin community.
The role of a meme coin community held together by sentiments was demonstrated by projects like Shiba Inu in the past. Over time, it expanded its offerings to include more utilities and use cases as the community grew. The same is expected in the case of Slothana, which remains a simple speculation-based meme coin at this stage.
🌿🦥 Wow! Sloth's jaw is dropping at the SOL flooding in from our slovenly supporters! 😱 What a bunch of lazy legends! Let's take Slothana to the moon! 🚀 And remember, only send from your onchain wallets – Sloth can't airdrop to exchanges!💸🙅♂️ #Slothana #MemeCoin #LazyLegends
— Slothana (@SlothanaCoin) March 28, 2024
Can Slothana Outperform Dogwifhat?
Investing in meme coins is rarely a long-term prospect. The profitability in the market depends on timely entries and exits. By getting in early, preferably during the presale phase when costs are low, investors can minimize their risks and maximize their rewards to a great extent.
That explains the shift from established meme coins like Dogwifhat to new alternatives like Slothana. While WIF’s market cap has touched a saturation point at $4.4 billion, Slothana has yet to go live on exchanges. That leaves a large room for returns to investors. If the project explodes like WIF, investors are looking at more than 6000% returns.
The swift progress of Slothana’s $SLOTH presale shows signs of the next big meme coin pump. It has touched $5M within a week of going live.
The presale supports Solana-compatible wallets like Phantom Wallet, Solflare Wallet, Coinbase Wallet, or Trust Wallet. Once it sells out, distribution of $SLOTH tokens to participants will follow promptly.
$10M Raised and Counting: Doge20 to Go Live on Doge Day
Dogecoin20 is the most awaited meme coin of 2024, having raised $10M in its presale within just days of going live. It is set to launch on Doge Day.
But investors who missed out on the presale can buy the token for a fixed discounted price of $0.00022 before the exchange launch. The presale supports purchases in ETH, USDT, and fiat cards.
Positioned as the ultimate upgrade to Dogecoin, DOGE20 operates on the Ethereum network to provide better flexibility in token custody and transactions. One of its key features is the integration of passive earning opportunities and staking functionalities for the community. Starting from the presale phase, investors can put their tokens to work.
In addition, the token adopts a fixed supply model, in contrast to Dogecoin’s infamous infinity supply model. This decision creates a conducive environment for sustained, long-term price action of DOGE20.
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