PEPE, dogwifhat (WIF), and FLOKI Prices Plunging – Here’s Why

Major meme cryptocurrency coins have witnessed a significant price plunge lately. According to the latest data from CoinMarketCap, PEPE has dropped 15.40% in the last 24 hours to trade at $0.000006. Similarly, dogwifhat (WIF) has plummeted by 19.78%, currently trading at $2.33. FLOKI has also declined by 19.27%, with its current price being $0.000167.

Crypto Analyst Insights

The falling prices have prompted analyses from various crypto analysts and traders. SpaceMecha, a TradingView analyst, provided insights into PEPE’s price movements. SpaceMecha suggests that PEPE’s price might have finally started its first wave downward. 

However, the analyst cautioned about potential resistance at the 0.5 Fibonacci level, advising traders to offload most, if not all, positions around the 0.618 golden ratio target. SpaceMecha also highlighted the bearish RSI indicator, signaling a potential new low formation if the third wave fails to establish a new low.

Meanwhile, DEXWireNews analyzed the developments surrounding dogwifhat (WIF). The original Dogwifhat meme, featuring Achi the dog wearing a pink beanie, was auctioned for 1,210 ETH (approximately $4 million) to a trader named GiganticRebirth (GCR). 

Consequently, WIF’s price surged by 17% within an hour before declining by 10.9%. Analysts attribute this surge to GCR’s purchase and Elon Musk’s post featuring dogs in hats, which fueled enthusiasm around Dogwifhat.

FLOKI’s Price Movement

Regarding FLOKI, in a tweet, crypto analyst Dona (@CryptoDona7) expects the token’s price to find a bottom around the green zone, followed by consolidation before the next leg up. However, Dona acknowledges that many might not believe in FLOKI’s potential, similar to doubts during its previous price surge.

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The price declines in major meme coins like PEPE, dogwifhat, and FLOKI have garnered attention from crypto analysts and traders. Their insights and predictions provide valuable perspective on the potential future trajectory of these meme-inspired cryptocurrencies.

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Samuel Munene
Samuel Munene

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