TL;DR
Major meme coins, including WIF, DOGE, SHIB, and PEPE, have seen significant price drops.
Some investors view current low prices as a buying opportunity, predicting a potential recovery for the Solana-based asset.
Heading South
The shaky condition of the cryptocurrency market as of late has negatively affected numerous digital assets whose prices have plunged significantly in the past 24 hours. One example is the biggest meme coin built on the Solana ecosystem – dogwifhat (WIF).
Its value is down almost 10% daily, tumbling to $1.90 (per CoinGecko’s data). The last time the price was trading that low was at the beginning of March.
Despite its market capitalization slipping below the $2 billion mark, WIF continues to be the fourth-largest meme coin, trailing behind Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
It is worth noting that the aforementioned leaders are also in the red today (June 21). DOGE is down 1% for the day, SHIB has fallen by 3%, while PEPE has witnessed a 5% decline.
Other meme coins that have underperformed include BRETT (-7%), BONK (-6.5%), Trump (-7%), MEW (-10%), and many more. The cohort’s market cap has lost the $50 billion level, currently standing at around $49 billion.
The Community’s Reaction
Despite the negative trends, multiple industry participants remain optimistic that WIF is capable of a comeback. One popular X user claimed the current levels could be “a logical area to buy.” In their view, the asset might experience an additional pullback but eventually rally toward a new all-time high in the $7-$10 range.
The crypto enthusiast, using the X handle Zer0, also envisioned a pump in the near future, assuring they will not sell their WIF holdings.
Earlier this week, DonAlt (an X user with over half a million followers) argued that the meme coin has started “losing its macro range.” They suggested that bulls might regain control if the price surges above $2.20.
The slump of the meme coin sector should serve as a reminder to traders that hopping on the bandwagon could result in devastating losses. Investors should enter the ecosystem after conducting proper due diligence and distribute only as much as they are ready to lose. Please check our dedicated video for more vital tips on the matter:
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