WIF price risks declining by another 48% due to the formation of a classic bearish reversal setup.
Dogwifhat (WIF), the fourth-largest memecoin by market capitalization, is on the brink of erasing the recovery it achieved after the Aug. 5 crypto market crash. WIF has dropped approximately 30% from its Aug. 9 local top of around $1.95, bringing its price down to $1.36 as of Aug. 17.
WIF’s price declines accompany similar downside moves across other top memecoins, namely Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). For instance, DOGE, the largest memecoin by market capitalization, has dipped by approximately 10% in the last nine days.
Among the leading memecoins, WIF has experienced more significant losses over weekly and monthly timeframes. For instance, WIF’s 30-day returns are around -42%, far exceeding DOGE (-15%) and SHIB (-23.5%).