In the last 24 hours, popular Solana meme coin DogWifHat ($WIF) has fallen 8% down to $1.54 amidst a wider crypto market rout that has seen Bitcoin ($BTC) prices plummet 4% down to its current level of $58,515.
The global meme coin market absorbed heavy losses, sinking 4.3% overnight to post a combined market cap of $40.2 billion.
Among the big five Doge meme-themed coins, DogWifHat was the most affected by the adverse price performance overnight. Original meme coin Dogecoin ($DOGE) fell 2.8% down to $0.1025, while its number one contender, Shiba Inu ($SHIB), lost 2%, Bonk ($BONK) lost 3.7% and Floki ($FLOKI) shed 4.7%.
The $3.3 billion market cap Pepe ($PEPE), the biggest non-doge meme coin and the third biggest meme coin on the market, shed 4% to trade at $0.0000079.
The $SOL token underpinning $WIF’s home chain Solana shed 3.2% overnight and currently changes hands at $142, which is about 7.4% down from its price this time last week.
WIF Price Analysis – Here’s the Latest
According to Dogwifhat’s price chart, last Monday’s market crash almost sent the price of WIF down to a dollar before the coin began a sprightly rebound.
It’s still far away from challenging its recent resistance level of $2.90, but a relative strength index ($RSI) of 43 and means some buying momentum could slow the token’s descent and quickly bring it back in line with its 30-day moving average, as seen by the blue line, which is currently slightly higher.
However, WIF’s support threshold is trending down, as shown by the green diagonal, so another unfavorable news cycle may send it spiraling to new lows.
As DogWifHat Sinks, Crypto All-Stars Enjoys $403,000 Launch
As a low-utility meme coin, DogWifHat’s price typically exaggerates the performance of market leaders Bitcoin and Ethereum.
However, investors who want to support the growing meme coin industry should be aware that several meme coin projects that are still only in pre-sale are bringing new utility into the flourishing sector. One new project that is pioneering a unified staking protocol for meme coin fans is Crypto All-Stars, represented by the $STARS token.
Crypto-All Stars is a revolutionary staking platform that brings together the most celebrated meme coins in one place.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them on the platform and earn passive income in the form of $STARS with a rewards rate currently set at 4,200%.
The team has allocated 20% of the tokens for its presale. The other 25% is for presale staking, 20% for marketing, 10% CEX/DEX listing, and the rest 25% for the MemeVault Ecosystem.
This new meme coin project has gained so much popularity that its presale has already raised $403,000 since its launch this week.
You can head to their website and buy $STARS with ETH, USDT, BNB, or even by card. The token is currently selling for $0.0013855.
Following the purchase, you can begin staking for rewards and claim the tokens once the presale ends.
If you are a meme coin holder who wishes to put your money to work, Crypto All-Stars is worth a look-in.
Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all their development plans.
Join the Presale Here
The post DogWifHat Sinks 8% – Can It Survive as New “Crypto All Stars” Rival Takes Off appeared first on Cryptonews.
