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The Dogwifhat price plunged over 22% in the last 24 hours to trade at $2.21 as of 3:10 a.m. EST as investors dump their holdings in the Solana meme coin.
The WIF price drop was also the largest 24-hour loss recorded in the crypto market among major cryptos, according to CoinMarketCap.
The biggest 24-hour losers (Source: CoinMarketCap)
The Dogwifhat Price Loses Key Support
4-hour chart for WIF/USDT (Source: TradingView)
The dogwifhat price has dropped below the $2.4450 support level in the last 24 hours. Should it fail to recover back above this threshold in the coming 24 hours, it could be at risk of retesting the subsequent support level at $1.7585 in the coming 48 hours. Continued sell pressure at this point may then force the crypto down to as low as $1.0888 in the short term.
On the other hand, a 4-hour candle close above $2.4450 in the next 24 hours could give the dogwifhat price the foundation needed to keep rising in the upcoming days. In this alternative scenario, the Solana meme coin could attempt a challenge at the $3.7192 barrier to potentially rise to a new all-time high.
Technicals Point To A Continued Drop For The Dogwifhat Price
Technical indicators on WIF’s 4-hour chart suggest the dogwifhat price may continue to drop in the coming 24 hours. Major bearish technical flags were triggered by both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the 4-hour chart during the last couple of hours.
The RSI tumbled below its Simple Moving Average (SMA) line, which is generally seen as a sign that sellers have gained the upper hand against buyers. As such, it may be easier for bears to keep pulling the dogwifhat price down in the next 24 hours than it will be for bulls to boost it during the same period. However, the RSI does show that WIF is oversold, which could be identified as a buy opportunity by traders,
WIF also seems to have entered into a negative cycle, as evident by the MACD line crossing below the MACD Signal line over the last 24 hours. What’s more, the prior is also breaking away below the latter, which generally indicates that a crypto’s bearish trend shows no signs of slowing down.
While the dogwifhat price attempts to recover, investors are turning their attention to the recently-revamped SPONGE V2 and its potential to generate explosive gains.
Looking To Repeat Its 100X Success
Investors have staked over $25 million worth of SPONGE on the project’s official website. This confidence in the project stems from the meme coin’s performance during the 2023 bear market, when the crypto burst onto the scene and generated 100X returns for early investors while establishing a peak market cap of $100 million.
Investors who missed out on the opportunity to profit from this substantial growth have now been given a second chance through the launch of Sponge V2. The team has pulled out all the stops to ensure that the new version of the token outperforms its initial iteration.
Bringing More Value To The SPONGE Ecosystem
In addition to lining up multiple top-tier exchange listings, the team has also introduced a play-to-earn racer game. This game will come in both a paid and free version. In the paid version, SPONGE will be used as in-game credits, while rewards will also be paid in the meme coin. This introduces a level of utility into the mix, making SPONGE more than just a speculative crypto.
Don't get left behind…again 🧽💦#Sponge #SpongeV2 #MemeCoin pic.twitter.com/moe6mphwPi
— $SPONGE (@spongeoneth) March 17, 2024
The team has also migrated the meme coin from the Ethereum network to the more cost-effective and scalable Polygon chain. Players of the project’s racer game will subsequently be able to earn more due to the significantly lower transaction fees, which are further reduced through the rollout of the Dencun upgrade.
Presale buyers currently also have access to a lucrative staking program that offers up to 419% in annual rewards on Polygon.
Anyone looking to buy the meme coin can do so on the project’s official website. The process is fairly simple, only requiring that investors connect their Web3 wallet to the platform. Once connected, the token can be purchased using either ETH, MATIC or USDT.
SPONGE can be purchased here.
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