Dogwifhat Meme Coin Slumps 15%: What’s Next?

Key Takeaways

  • Achi's NFT, representing the Dogwifhat meme, sold for a staggering 1,210.8 Ethereum, equivalent to around $4.3 million.
  • Despite a recent price dip, Dogwifhat maintains significant market presence with a $2.22 billion capitalization.
  • Dogwifhat's community engagement and technical analysis suggest a nuanced future for its market trajectory.

Achi, the Dogwifhat meme’s dog, NFT sells for 1,210.8 Ethereum ($4.3 million), spotlighting meme coins’ market impact.

The NFT photograph of Achi, the dog emblematic of the Dogwifhat (WIF) meme coin, was sold for an astounding 1,210.8 Ethereum, amounting to approximately $4.3 million.

Despite a recent 15% decrease to a trading price of $2.23, Dogwifhat sustains its market relevance, boasting a $2.22 billion market capitalization per CoinMarketCap.

Dogwifhat
Dogwifhat price | Source: CoinMarketCap

This backdrop sets the stage for a nuanced Dogwifhat price prediction as we delve into the dynamics of this canine-themed meme coin.

Amidst fluctuating market sentiments and groundbreaking NFT sales, Dogwifhat stands at the forefront of meme coin innovation and investment potential.

Auction Triumph: The $4.3 Million Viral Snapshot

The acquisition by crypto trading entity Gigantic Rebirth Ventures comes after the image’s unveiling on the NFT marketplace Foundation on Friday, March 15, 2024, starting at a modest 0.15 ETF. The image’s listing, showcasing Achi donning a diminutive pink beanie, rapidly became a global sensation, earning its status as the $wif meme.

This response underscores the close relationship between high-profile NFT sales and the dynamics of the associated memecoin market.

Dogwifhat’s Las Vegas Spectacle: A Community Triumph and Market Milestone

On March 11, 2024, a user named Ansen rallied the Dogwifhat community on social media platform X, aiming to feature the iconic pink-beanie mascot on the Las Vegas Sphere.

This endeavor exceeded its fundraising target of $650,000 by amassing over $696,000 in USD Coin (USDC). It marked a significant moment for the community, edging closer to showcasing their beloved mascot on the world’s largest LED display.

Fundraising Goal: $650,000
Amount Raised: Over $696,000 in USDC
Display Location: Las Vegas Sphere

While some skeptics see this ambitious project as a sign of a market peak, the Dogwifhat community is excited about their mascot’s imminent display.

Dogwifhat Price Prediction: Technical Outlook

Focusing on the technical analysis, Dogwifhat’s pivot point is $2.57, a crucial juncture delineating the boundary between potential recovery and further decline. The immediate resistance levels are $2.71, $2.86, and a more formidable barrier at $3.07.

On the descent, support levels are marked at $2.40, $2.24, and $2.11. The latter recently served as a double bottom, signaling a possible area for a rebound.

The Relative Strength Index (RSI) is at 34, suggesting that Dogwifhat verges on oversold conditions. This indicator, coupled with the asset’s recent performance, hints at the potential for an upcoming reversal if buyer interest intensifies.

The 50-Day Exponential Moving Average (EMA) is recorded at $2.62, slightly above the current price. This indicates a general downtrend and a possible pivot for trend reversal.

dogwifhat
Dogwifhat Price Chart | Source: Tradingview

Dogwifhat’s recent behavior demonstrates a resilient bounce off the $2.11 support level, with subsequent attainment of the 23.6% Fibonacci extension at $2.39 and the 38.2% extension at $2.57.

A bullish trend continuation, with a breach above the $2.57 level, could thrust Dogwifhat towards the 61.8% Fibonacci level at approximately $2.85. In conclusion, Dogwifhat’s current market stance is bearish, below the $2.57 pivot point.