- Dogwifhat (WIF) might see a significant drop to $1, offering a potential “generational buy opportunity.”
- The current price is $2.58, showing a 0.45% increase in the last 24 hours but a 25.19% decline over the past week.
Recently, Dogwifhat (WIF) has seen a lot of adverse sentiment since cryptocurrency analysts expect a large price drop.
Right now, WIF is trading for about $2.58, up just 0.45% over the last 24 hours. Still, according to CoinMarketCap data, the memecoin has dropped by a significant 25.19% throughout the last week.
WIF’s Earlier Success in the Memecoin Frenzy
Dogwifhat was a highlight during the Q1 memecoin mania earlier in 2018. By the end of March, the coin had increased an astounding 95,000% from $0.004773 to an all-time high (ATH) of $4.58. This quick ascent established WIF as a top memecoin and made it the talk of the town.
WIF has been rangebound since hitting its ATH, briefly touching the $4 resistance level at the end of May. Now forecasting a big decline, crypto analyst Bluntz has set a goal of $1 for the memecoin.
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$1 $wif is inevitable imo, should be a generational buying opp around there but most will panic sell the lows and give it all back. pic.twitter.com/2n68pGsZRa
— Bluntz (@Bluntz_Capital) June 11, 2024
Bluntz said in a recent X tweet that WIF’s fall into the $1 pricing bracket is “inevitable.” His analysis suggests further price drops with an a, b, and c zigzag pattern following a macro five-wave impulse.
The Plan Remains Unchanged
The general strategy has not changed, claims Bluntz, even though the second wave took longer than anticipated. Targeting the c wave between $1 and $2, he suggests that investors may be missing out on a “generational buy opportunity.”
Bluntz bases his present pessimistic forecast on his prior bullish forecasts. According to him, Dogwifhat will have a big retrace before starting its second parabolic leg, which can take it to new ATHs.
On the other hand, popular crypto analyst MacroCRG has also expressed his opinions, pointing out that the possible decline to $1 represents a significant entry point for long-term investors, according to ETHNews.