Dogwifhat: Heading Towards Zero? WIF Price Plunges to 3-Month Low as AI Coin Exceeds $6.3 Million
Simon Chandler
Updated: June 24, 2024, 08:40 EDT | 3 min read
Dogwifhat has seen a decline of 7.5% over the past 24 hours, causing the WIF price to drop to $1.63 amidst today’s broad market sell-off. WIF has now experienced significant losses of 31% in the past week and 46% in the last month, with the meme coin based on Solana plummeting by 66% from its all-time high of $4.83 in late March.
Despite these substantial losses, they could potentially position WIF for a robust recovery, as the coin has shown a 4% increase in the past hour. Investors skeptical of WIF’s future prospects may now be turning their attention to newer tokens, exemplified by the AI-based chatbot token WienerAI, which has raised an impressive $6.3 million in its recent presale.
Dogwifhat Heading Towards Zero? WIF Price Hits 3-Month Low
The recent uptick in WIF’s price suggests a potential turnaround, supported by indicators hinting at a bottom formation. For instance, the relative strength index (RSI) has risen from just under 30 earlier today to nearly 50, signaling a resurgence in momentum.
Source: TradingView
The RSI has remained below 50 for most of the past week, underscoring the potential for a recovery in the coin’s value. Similarly, WIF’s 30-day average (orange line) has persistently trailed below its 200-day counterpart (blue line), setting the stage for an imminent rebound according to technical analysis. Furthermore, WIF’s trading volume surged from $250 million yesterday to $500 million today, indicating renewed investor interest. Recent days had seen a lack of such demand, partly due to significant holders liquidating their WIF positions. However, the recent price declines appear to have attracted buyers, positioning WIF favorably for potential growth.
Today’s decline is part of a broader market downturn, influenced by two main factors. Firstly, Bitcoin miners have escalated their BTC sales in June to unprecedented levels, exerting downward pressure on cryptocurrency prices. Secondly, concerns over Mt. Gox trustees initiating Bitcoin reimbursements to former customers starting next month have further unsettled the market. WIF may soon find itself in a scenario where opportunistic buyers eagerly acquire the token at a discounted rate. Consequently, WIF’s price could potentially reach $2 by the end of summer and $4 by the close of 2024.
AI Coin Surpasses $6.3 Million
Despite WIF entering an oversold territory, it could face continued pressure as former Mt. Gox customers offload their BTC holdings. Consequently, many traders may opt to explore newer tokens, including several promising meme coins currently in presale stages.
One standout example is WienerAI (WAI), an Ethereum-based cryptocurrency that recently raised over $6.3 million in its token sale. WienerAI distinguishes itself by introducing a generative-AI chatbot designed to assist traders in making informed investment decisions. The platform offers insights into potential market rallies or downturns, as well as optimal trade timing. Moreover, WienerAI incorporates an atomic swap feature, enabling swift execution of recommended trades while providing protection against miner extractable value (MEV), thus preventing front-running by bots.
These features enhance WAI’s utility as the native token of its application, with a capped supply of 69 billion tokens. This scarcity model could potentially render WAI deflationary over time, especially considering its staking capabilities, which could further tighten supply. Combined, these attributes are poised to drive up WAI’s value, making it an attractive investment opportunity accessible through the official WienerAI website.
Currently priced at $0.000721 per token, the cost is expected to incrementally rise through subsequent sale stages.
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Disclaimer: Cryptocurrency investments carry high risks. This article is provided for informational purposes only and should not be construed as investment advice. You could lose all of your invested capital.