Popular Solana meme coin DogWifHat ($WIF) is having a potential breakout curbed by stiff resistance at the $4 mark, according to this week’s price chart.
The fourth largest meme coin, with a market cap of $4 billion, hit $4 yesterday morning UTC and sustained it for about an hour before tumbling down to its current price of $3.39, a decrease of over 15%, according to the data.
At this price, DogWifHat posted a 24-hour decline of 10.5%, broadly in line with price depreciation across the meme coin market. However, it’s about 17% higher than it was this time last weekend.
The second biggest Solana meme coin, Bonk ($BONK) dropped 18% overnight and 6% over the week.
The original Shiba Inu doge meme-referencing coin, Dogecoin ($DOGE), posted a more muted intraday loss of 4% within an intraweek drop of 4.6% as it trades at $0.1585.
Broadly speaking, most cryptocurrencies are tracking Bitcoin ($BTC), which dipped 0.5% overnight and 3% in seven days.
Over on DogWifHat’s trading chart, we can see the token coming down about 30% over the three months from an all-time high (ATH) of $4.83, set on March 31.
Source: TradingView
Despite this decline, the price appears to be forming a consolidation pattern, suggesting potential stabilization before the next significant move.
It faces strong resistance at both $3.50 and $4 price ranges (red lines), although the token’s support threshold has been steadily increasing from $2 to $2.50, growing in line with a steady increase in demand for Solana meme coins following some wildly successful coin launches on the network over the last two months.
DogWifHat’s Recovery is Amped by Sealana, Solana’s Next Viral Meme Coin
DogWifHat’s appeal lies largely in the fact that it is a $4 billion market cap representative of a new breed of recently profitable cryptocurrencies: Solana meme coins.
Names like DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME) and Popcat ($POPCAT) all rose to become top ten meme coins within a year of launch.
Another new Solana meme coin pitched at stoners—Slothana ($SLOTH) – raised an eye-watering $15 million in a recent one-month crypto presale.
Solana’s Sealana ($SEAL) is a spin on South Park’s viral Gamer Guy, aka Fat Computer Nerd. The all-American hillbilly seal has already raised over $3 million this last month in a hilarious new presale.
Gamer Guy first appeared in South Park’s World of Warcraft episode and, thanks to his milk-bottle glasses, screen-locked stare, messy room and gravity-defying girth, he has since become a symbol of excessive screen use, from keyboard warriors to couch (or desk) potatoes.
The US SEC’s approval of Ethereum ETFs last week could also catalyze heightened Solana meme coin demand.
Bout to drop a bunker buster on these durka durkas #freedom!
Show some support for #Sealana by sending $SOL, and fuel the war on terrorism! #TeamAmerica #TopGun #Presale pic.twitter.com/LlcXgMVzrq
— Sealana (@Sealana_Token) May 29, 2024
Builders on Solana often boast their network is the number one “Ethereum-killer” and now it’s all but certain that a spot Solana ETF can pass US approval.
If a Solana meme coin gold rush begin, Sealana could finally be leaving mom’s basement like a true patriot gone lookin’ for the ‘Merican dream.
Follow the latest developments on Sealana’s X account.
Buy Sealana at the official website here.
The post Is It Too Late to Invest in DogWifHat? WIF Price Eyes New Highs as New Solana Meme Coin Raises $3M appeared first on Cryptonews.
