Dogwifhat Heading to Zero? WIF Price Hits 3-Month Low as AI Coin Surpasses $6.3 Million
Dogwifhat has fallen by 7.5% in the past 24 hours, with the WIF price sinking to $1.63 amid a market-wide selloff today.
WIF has now lost a hefty 31% in a week and 46% in a month, with the Solana-based meme coin also 66% down from its all-time high of $4.83 in late March.
These losses are heavy, but they arguably put WIF in a position to rebound and recover strongly, with the coin up by 4% in the last hour.
Also, traders who no longer have much faith in WIF can investigate newer tokens, with AI-based chatbot token WienerAI now raising $6.3 million in its popular presale.
Dogwifhat Heading to Zero? WIF Price Hits 3-Month Low
The WIF price’s bounce in the past hour puts it in a very good position to make a comeback, with its indicators having hit what looks like a bottom.
Its relative strength index (purple), for instance, has risen from just under 30 earlier this morning to nearly 50 as of writing, a sign of returning momentum.
Source: TradingView
The RSI has been below 50 for most of the past week, so that coin certainly deserves a recovery.
The same thing goes for WIF’s 30-day average (orange), which has been below the 200-day (blue) for so long now that the logic of technical analysis dictates a rebound very soon.
It’s also interesting that WIF’s trading volume has jumped from $250 million yesterday to $500 million today, a sign of returning demand.
A whale deposited 12.66M $WIF($23.4M) to #Binance in the past 2 days.https://t.co/gWcpd0gBOz pic.twitter.com/Fc6WayMjAO
— Lookonchain (@lookonchain) June 22, 2024
Such demand had been lacking in the past few days, with some whales selling off their WIF holdings.
Yet the ongoing drops in price look to be enticing buyers, with WIF in an increasingly good position for a growth spurt.
Its decline today is part of a market-wide fall that seems to have followed from two factors.
The first is that Bitcoin miners have sold more BTC in June than in any other month of the year so far, pulling down crypto prices.
Secondly, it seems that the market is worried about the fact that Mt. Gox’s trustees will begin returning Bitcoin to former customers from the start of next month.
Germany is dumping $3B and now MtGox is dumping $9B Bitcoin. pic.twitter.com/O5zWlzr6iG
— Charles Edwards (@caprioleio) June 24, 2024
WIF will likely reach a position, sooner or later, where new buyers will fall over themselves to buy the token at a discount.
The WIF price could therefore reach $2 by the end of the summer and $4 by the end of 2024.
AI Coin Surpasses $6.3 Million
Despite WIF entering a highly oversold position, it may continue to take more pain as Mt. Gox customers sell their BTC.
As such, many traders may prefer to invest in newer tokens at the moment, with several new meme coins looking very promising as they hold their presales.
One of these is WienerAI (WAI), an Ethereum-based cryptocurrency that has raised just over $6.3 million in its token offering.
We've just raised $6M
Thank you to our incredible community! Get ready for more exciting adventures with this little Wiener pic.twitter.com/O6AdG6xrhE
— WienerAI (@WienerDogAI) June 18, 2024
What’s exciting about WienerAI is that it will launch a generative-AI chatbot for traders, helping them to make more informed investments.
Accordingly, it will render advice on which coins are likely to rally (or fall), as well as on when to time trades.
It also offers a useful atomic swap feature, so users can quickly pounce on any advice dispensed by WienerAI.
WienerAI pushes things even further by providing MEV protection, which means that it can help users make trades ahead of front-running bots.
This gives WAI plenty of utility as the native token of the app, with the coin having capped supply of 69 billion.
This could make it deflationary in the long run, while the ability to stake WAI could result in a big supply squeeze.
Combined, such features are likely to push up the WAI price, with investors still able to buy it cheaply by going to the official WienerAI website.
WAI is available at a price of $0.000721 per token, with this level rising incrementally with each new stage of the sale.
Buy WAI Today
The post Dogwifhat Heading to Zero? WIF Price Hits 3-Month Low as AI Coin Surpasses $6.3 Million appeared first on Cryptonews.
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