Dogwifhat Price Crashed Below $2 This Week – Why?

Dogwifhat (WIF), a Solana-based meme coin, fell below $2 this week, registering a 26% correction due to strong selling pressure.

Currently WIFI is trading at $1.75, down 27% over the past seven days. The data from Solscan show that over $16 million worth of WIF tokens have been sold by anonymous investors, causing further volatility in the market.

Big investors (or whales) are also contributing to the selloff. On June 22, Lookonchain reported that an anonymous whale had transferred 12.66 million WIF tokens worth $23.4 million to Binance, potentially signaling further declines.

Since the beginning of June, Dogwifhat has dropped nearly 40%, making it one of the worst performing meme coins.

After reaching an all-time high of $3.97 in March, Dogwifhat is now the fourth largest meme coin with a market cap of $1.8 billion.

Other leading meme coins like Dogecoin (DOGE) , Shiba Inu (SHIB) , Pepe (PEPE) и Floki (FLOKI) posted slight gains, but WIF continued its downtrend, falling over 2% in the last 24 hours.

If the selloff continues, the price of WIF could fall below $1. CryptoQuant CEO Ki Yong Joo noted a downward trend in the dominance of meme coins, suggesting that investors are shifting their focus from speculative tokens to market fundamentals.