Global #WIF

The largest holder of Dogwifhat ($WIF), a Solana-based meme cryptocurrency, has made a bold move by purchasing an additional 2.3 million tokens for $4.65 million USDC. This significant investment comes despite a recent 46% drop in the token's price.

The meme coin market, known for its volatile nature, is currently experiencing a significant downturn, with prices of several popular tokens plummeting in recent days. Among the most affected is WIF, a prominent Solana-based meme coin, which has crashed to a three-month low, falling below the $2 mark for the first time since early March.

Dogwifhat (WIF) has experienced a significant 10.22% drop in the last 24 hours, raising concerns among analysts about potential repercussions for the meme coin. Currently priced at $3.37, this decline follows a recent dip below crucial support levels at $2.96 on May 27.

Once again, meme coins are dominating the narrative as the crypto market enters the second phase of the bull cycle, overshadowing even Bitcoin's return to the $71,000 range.

The memecoin sector has experienced remarkable growth, outpacing other areas in the cryptocurrency market. Recent data from Artemis indicates a staggering 114% year-to-date increase.

According to a prominent crypto influencer on X, there's a possibility that the popular Solana memecoin DogWifHat ($WIF) could drop significantly to $1 from its current price of $3.17.