Dogwifhat ‘needs to see vet’ after facing steep price drop, analyst says

Dogwifhat (WIF) is priced at $2.76, marking an 18.5 % decrease over the past 24 hours. The plummet prompted one analyst to opine: “It needs to see a vet.”

The latest drop in price continues a notable downward trend that started at the tail end of March, with WIF registering a 38.8% decline. 

Despite the price drop, in the last 24 hours, the meme coin’s trading volume increased by more than 51%, settling at $1.1 billion after reaching $726 million. 

As per CoinMarketCap’s data, Dogwifhat currently holds the 43rd spot in market capitalization, with an overall value of $2.75 billion.

Among meme coins, WIF is ranked third behind Dogecoin (DOGE) and Shiba Inu (SHIB) and just ahead of Pepe (PEPE) and Floki (FLOKI).

The coin hit its all-time high price on March 31, 2024, reaching $4.80. Currently, the cycle high stands at $4.30, with the low at about $2.60.

Dogwifhat has shown significant volatility recently, with a one-month volatility rate of 23.42. Over the past 30 days, it has recorded 16 days of favorable price movements, with the rest of the days seeing its value nosedive.

At least one analyst on X has predicted WIF’s bearish trend will continue for a while longer, but they believe it may offer significant returns in the long run.

“It probably ranges for some time, enough to get people moving on and doubting its long term place in this market,” an analyst known as “The Flow Horse” said. “The next pump is stronger though. I want to rebuy the summer dip.”

The cooldown has affected more than just WIF, with several of its counterparts, including DOGE, SHIB, PEPE, FLOKI, and Bonk (BONK), all registering significant dips in the last 24 hours.

Per CoinMarketCap, DOGE is down 13.56% over 24 hours and 6.56% in seven days.

SHIB and PEPE lost 10.6% and 17.6% of their values over the last day and 10.3% and 11.9% over the past week.

Among the top 10 meme coins by market capitalization, only PUPS (Ordinals) made any price gains over the past 24 hours and, indeed, over the previous seven days.

As of this writing, the coin was up 8.54% from 24 hours ago and 145% over one week.