Cryptocurrency Rollercoaster: Dogwifhat Plummets But Poised for Parabolic Leap

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The sensational memecoin, Dogwifhat—often simply referred to as WIF—has been a veritable whirlwind in the cryptocurrency market throughout this year’s first quarter. Much like how Bitcoin has been thrown into the tumbleweeds of a recent downtrend, WIF, an adorably canine-themed token, has seen a price slump of over 10%. A cadre of crypto gurus are hedging bets, setting the next prize target for the trendy token at a cool $1.

This unexpected downturn follows the memecoin’s awe-striking run at 95,000%; a jaw-dropping leap from $0.004773 to a record crushing all-time high of $4.58 by the crest of last March. Such an astronomical ascent christened Dogwifhat as one of the prime contenders in the initial memecoin rush.

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Yet, since then, the fortunes of WIF have been a rollercoaster. The token has seen price fluxes within the $2.3 and $3.7 window, even nudging the $4 resistance ceiling by the cusp of May. Noted cryptoanalyst, Bluntz, tracing WIF’s tempered performance, has fixed a prospective target of $1 for the resurgent memecoin.

Closely observing WIF’s downward trajectory towards the $1 mark, Bluntz was quoted saying that this descent appears “inevitable”. His presumption is based on the token’s spectral five-wave impulse, succeeded by an ensuing a,b,c zig-zag flux. To Bluntz, the ‘b’ wave simply took longer to unfurl than originally anticipated. He is eyeing the c wave to fall between the $1 and $2 price swathes, potentially offering a “generational buy opportunity” for keen investors.

Although a pinch bearish, Bluntz’s prediction stems from a preceding bullish forecast. He foresees a significant retraction before the WIF’s “next parabolic” leap, one that boasts the potential to reach new all-time highs.

Crypto whiz Otsukimi seconds this sentiment, declaring that WIF’s performance paints a steady picture. According to him, it displays a “solid last stand with a trend support” within a complicated range, indicating a strong potential for the coin’s rebound from its present fluctuations.

As if all these developments weren’t stirring enough, Dogwifhat found itself in the spotlight for a moment, thanks to none other than Elon Musk. Mentioned by the tech magnate during a live stream, WIF became the talk of the crypto town, leading to a speculation frenzy. Some even sensed an implicit approval: “You can tell he had more to say but stopped himself,” mused one user.

However, the so-called ‘Musk Effect’ fell flat as WIF remained tethered between the $2.65-$2.8 range. Interestingly, the token WIFIHAT – a spinoff of Dogwifhat created in haste post the live stream – saw a spectacular albeit brief surge of 6,200%.

As the dust begins to settle, WIF observed a decline of 14.6% trading at $2.44 on the last report. This shows a 26.3% and an 18% dip on weekly and monthly time frames. Despite these numbers, the token’s market activity shows a robust 76.1% spike within the past 24 hours, with a daily exchange volume of $705.6 million.