The popular Solana meme coin, DogWifHat (WIF), has experienced a significant drop in value, losing 17% in the last 24 hours to trade at $3.69 at the time of writing. This decline is part of a broader market pullback that saw Bitcoin and Ethereum lose around 5% overnight. Bitcoin is currently trading at $66,313, which is 10% below its all-time high of $73,737.94, while Ethereum is priced at $3,342, down more than 30% from its ATH of $4,878.
The crypto market has been on a rally for most of the year, but a recent event involving Sam Bankman-Fried, the former CEO of FTX, has cast a shadow over the industry. Bankman-Fried was sentenced to 25 years for fraud and conspiracy after siphoning billions of dollars in FTX customers’ money to its sister company Alameda Research. This, coupled with cooling demand for spot Bitcoin ETFs, has led to a general decline in crypto prices.
WIF’s trading chart shows volatile price movements, with a significant rally in the past month. Despite reaching an all-time high of $4.83 on March 31, the current price is approximately 22% lower. The relative strength index (RSI) for WIF is currently at 34 and falling. If it drops to 30, indicating an oversold condition, prices may stabilize as the market rebalances. While WIF has shown bullish price action recently, it is unlikely to surpass stalwart rivals Dogecoin and Shiba Inu in the near future.
Amidst the volatility in the crypto market, a new meme coin called Slothana ($SLOTH) has gained attention. Traders have invested $5.8 million in the ICO for Slothana, hoping to capture the early success seen in other Solana meme tokens. Slothana, characterized by a lazy sloth living on the Solana blockchain, aims to achieve significant growth. Rumors suggest that Slothana may be related to the team behind Smog (SMOG), another successful meme coin. Investors can participate in the Slothana presale by sending SOL to a specified address.
It is vital to remember that cryptocurrency is a high-risk asset class. The information provided in this article is for informational purposes only and should not be considered investment advice. There is a possibility of losing all invested capital, so caution is advised when participating in the crypto market.
