Dogwifhat (WIF) Plunges 10%: Traders Hope for a Bounce Back Amid Concerns

Dogwifhat (WIF) has experienced a significant 10.22% drop in the past 24 hours, leading to concerns among some analysts about the potential impact on the meme coin. Trading at $3.37, the current price is below crucial support levels, with traders closely monitoring the situation. Crypto trader Jack Skipp, also known as “CryptoJack,” has warned that if WIF falls below $3.5, it could have catastrophic consequences. However, there is optimism among traders, with some pointing to a reversal pattern on the 4-hour price chart, suggesting a possible bounce back. Futures traders are increasing their positions on WIF, with Open Interest (OI) reaching a 2-month high of $478.39 million. Despite this recent drop, WIF had previously reached an all-time high of $4.64 on March 30. However, it's worth noting that the largest wallet holder, initially holding 37.62 million WIF tokens, has since sold 84% of their holdings, with their average purchase price now at $4.31.