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The altcoin space presented mixed performances amidst the latest dip that saw Bitcoin sliding below $95K, currently trading at $93,720.
Solana meme tokens led the downside, with top coins losing up to 20% on their daily charts.
While Fwog (-22%), MOODENG (-13%), GOAT (-14%), and PNUT (-15%) confirmed a robust downtrend, Dogwifhat recorded notable gains.
The sudden crypto market flash crash saw WIF plunging to a daily low of $3.0762.
While other tokens extended the downside, Dogwifhat recovered to $3.3715, a remarkable 9.60% increase from the 24-hour low.
While WIF retraced from the higher high to $3.34 at press time, it remains 4.37% up on its daily chart.
Source – Forbes Dogwifhat’s performance attracted the crypto community’s attention as bears dominate the broad space, with the global crypto market cap down 3.63% in the past day to $3.23 trillion.
What’s behind WIF’s gains?
Dogwifhat’s upward stance emerged as enthusiasts reacted to the latest Robinhood listing.
The trading platform revealed that it added WIF support on Monday.
Robinhood hinted at adding the meme token to its list of supported assets through a photo featuring the wool hat linked with Dogwifhat.
Hours later, Robinhood CEO Vlad Tenez announced the support, including Dogwifhat to its asset class.
wif hat or wifout?
Besides listing WIF, Robinhood announced support for Cardano, XRP, and Solana, and propelled PEPE to ATHs after its debut.
Meanwhile, the licensed trading platform has 20 crypto assets for its US clients.
Other available coins include Dogecoin, Shiba Inu, Bitcoin, and Ethereum.
Nonetheless, the latest listing cements Dogwifhat’s status as one of the top projects in the crypto world.
The alt’s rise has been among the top stories of the year. WIF was a meme with almost nothing early in 2024 and became a $3-billion-dollar cryptocurrency.
Will WIF sustain its current gains?
Dogwifhat is among the few tokens reflecting gains as cryptos paint their daily charts red. However, will WIF continue the upside?
While Dogwifhat’s performance signals a potential decouple, prevailing market conditions indicate a short-lived rally.
Bears flood the crypto market, hinting at more declines before the sector adopts a directional bias.
Moreover, tokens often record minor gains upon exchange listing before switching to mimic broad market trends.
WIF changed hands at $3.34 during this writing. Meanwhile, technical indicators signal imminent dips for the altcoin.
The Moving Average Convergence Divergence has diverted below the signal line on the daily chart. That confirms the bearishness behind WIF’s price actions.
Moreover, the 7% decline in open interest, according to Coinglass, indicates reduced investor confidence in WIF’s future performance.
Nevertheless, analysts forecast robust recoveries that would propel Bitcoin past $100K after the ongoing crash.
That makes the current declines a potential dip-buying opportunity for investors interested in discounted prices.
The post Dogwifhat (WIF) gains 9% while top Solana memes suffer double-digit losses: here's why appeared first on Invezz
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