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Top Solana meme coin Dogwifhat is facing the risk of a steep price correction, even as the Bitcoin price is attempting to push past the $68k resistance.
While BTC is up by 3% on Wednesday, the WIF price has declined by as much. Anticipating more downside volatility, prominent crypto traders have opened short positions of WIF.
Owing to its relatively large valuation, some investors fear that it could be too late to earn outsized returns from Dogwifhat, even once it
Unsurprisingly, smart money investors are divesting into alternative meme coins, including Bonk and Dogecoin, which are up by 5% and 10%, respectively.
Low-caps and microcaps like GOAT and Flockerz are also in high demand among investors hunting for 100x returns.
Dogwifhat Price Faces Downside Risk, Is It Time To Sell WIF?
Dogwifhat has been one of the top-performing meme coins in this crypto cycle, recently establishing itself as a “blue-chip meme coin” with over $2.5 billion market capitalization.
WIF is also one of the rare few meme tokens that is listed on the Binance spot market.
However, the tide appears to be shifting and bears now appear to be in control. Even as the Bitcoin price hit $68k on Wednesday, the WIF price slid past the $2.60 mark.
This is unusual, considering WIF and BTC typically show a strong correlation with each other. Dogwifhat’s price action is concerning, particularly considering that prominent crypto influencers have adopted a bearish view on the meme coin.
For instance, CrediBULL Crypto – a popular crypto trader with 427k X followers – shorted WIF after it created a local top at $2.90 on Monday. Since then, the meme coin price is down by over 12%. Cred anticipates that the Dogwifhat price could slide to $1.765 after which it sees momentary relief. However, he will continue to hold his shorts until the meme coin dips below $1.
$WIF has now finally hit my actual ideal short entry on the USD pairing as well.
The only thing this changes now is that I am no longer interested in taking partial profits in the green zone as per my last post- at this stage (since the highs have now been taken) I will ride… https://t.co/qYzi0B4jpX pic.twitter.com/nyRwEtt6Wq
Similarly, top Bybit trader Bluntz signals the formation of a bearish divergence on the WIF price chart. While he remains bullish on the meme coin in the long term, he expects it to adopt a bearish stance in the short term.
Bluntz highlights that the Popcat price chart has also formed a bearish divergence. Unsurprisingly, the POPCAT price is down by 10% today on Wednesday.
As previously stated, it could be too late to invest in large-cap meme coins like WIF and Popcat to earn outsized returns. For instance, Bluntz previously projected that Dogwifhat could peak at $10 in this bull cycle.
Even in such a mega-bullish scenario, new buyers at the current market price will only see 4x returns. Sidelined investors could wait for a better entry if the WIF price ever slides below $1, as Cred projects.
On the contrary, smart money investors are hunting for 100x returns with low-cap tokens.
Smart Money Investors Hunt For 100x Returns With FLOCK
Crypto investors are actively stacking Flockerz (FLOCK), a new meme coin that has already raised nearly $750k in its presale.
With the meme coin sector saturated with dogs, cats and frogs, this chicken-inspired project offers a fresh narrative.
More importantly, Flockerz is a utility-driven meme coin. The project is introducing a novel vote-to-earn platform, which is creating quite a buzz.
FLOCK holders will be members of the Flocktopia DAO and get to decide the direction of the project with their votes on key issues, including marketing strategies and exchange listings. With the vote-to-earn utility, they will also receive attractive monetary rewards for their votes.
If this isn’t enough, Flockerz has a native staking protocol, which allows presale holders to stake their coins and earn passive income at an industry-high rate. The current APY is over 2300%, as per the FLOCK staking dashboard.
With its in-demand utilities, audited smart contracts and sound tokenomics, Flockerz has impressed prominent crypto influencers.
Popular YouTube channels like 99Bitcoins – with over 700k subscribers – believe that FLOCK could offer up to 100x returns after its launch. ClayBro – who has 130k YouTube subscribers of his own – echoes this sentiment as well.
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