Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Dogwifhat (CRYPTO: WIF) is down 23% on the day, prompting analysts to predict a drop for the meme coin before a strong rebound.
What Happened: Veteran crypto trader The Flow Horse tweeted on Friday that Dogwifhat may be heading for a dip. He compared the coin’s current situation with that of Dogecoin, suggesting that it might need to “see a vet.”
The trader believes that the coin will likely range for a while, causing investors to question its long-term viability in the market. However, he also hinted at a stronger pump following this dip, expressing his intention to “rebuy the summer dip.”
Also Read: Dogwifhat Sheds Almost $1B In Market Cap: ‘WIF Might Be Done Here,’ Cautions Trader, But Not Everyone Agrees
Why It Matters: The Flow Horse’s predictions could potentially impact the coin’s trading patterns. His analysis points out that while the coin may experience short-term volatility, it could offer significant returns in the long run.
Ranked third on the meme coin board, Dogwifhat's is still up 4% on the month, in contrast to other meme coins reporting significant losses.
Despite its 23% price drop, trading volume is up by 51% in the past 24 hours. Dogwifhat peaked at a valuation of $4.78 on March 31, but has since shed more than a third of its value.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogwifhat Surges 15%, Chases Floki Inu: ‘Stupidly Bullish’ Investor Asks ‘Coinbase List WIF Next?’
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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