The popular Solana meme coin DogWifHat (WIF) has experienced a significant drop in value, losing 17% over the last 24 hours to trade at $3.69. This decline is part of a broader market pullback that also affected leaders like Bitcoin and Ethereum, with Bitcoin currently trading at $66,313, 10% below its all-time high, and Ethereum at $3,342, down more than 30% from its ATH. The crypto market has seen a rally for most of the year, but a recent event involving the former CEO of FTX, Sam Bankman-Fried, who was sentenced to 25 years for fraud and conspiracy, has triggered a market downturn, along with cooling demand for spot Bitcoin ETFs.
Looking at WIF’s trading chart, there was significant but volatile appreciation throughout much of last month. The token experienced a bull run around three weeks into April, reaching an all-time high of $4.83 on March 31. However, the current price is 22% below that ATH, with the relative strength index (RSI) at 34 and falling. If the RSI falls to 30, indicating oversold conditions, prices may stabilize as the market rebalances. Despite recent bullish price action, it is unlikely that WIF will surpass rivals Dogecoin and Shiba Inu, due to their first-mover advantage and active developer ecosystem.
In response to the decline of DogWifHat, investors have started pouring money into a new Solana meme coin called Slothana ($SLOTH). This new viral critter, a lazy sloth living and working on the Solana blockchain, has quickly gained popularity, with $5.8 million already invested in its ICO. The sloth aims to go from 420 to $420 million, and rumors suggest it may be connected to the team behind Smog (SMOG), which also experienced a strong rally after its presale. Interested investors can participate in the presale by sending SOL to a specified address and should conduct their own research before investing due to the high-risk nature of crypto.
As Slothana gains momentum, the sloth-themed meme coin aims to capture early potential on the Solana network, much like other established funny tokens like Slerfs, DogWifHat, and Bonk. The project is engaging its audience through polls on whether to launch on DEX only or to pursue both CEX and DEX listings, appealing to the spirit of decentralization and lazy trading associated with the sloth theme. With details still scarce about the project, potential investors can visit the Slothana website to learn more and participate in the presale to take advantage of this new viral meme coin trend in the crypto market. It is important to note that investing in cryptocurrencies is high-risk and investors should be cautious and conduct thorough research before investing any capital.
