WIF Crashes Below $1: Is this the beginning of a full memecoin meltdown?

Dogwifhat ($WIF) has fallen considerably, now priced at 0.86 USD, primarily due to broad memecoin sell-offs. Speculation surrounds whether it will continue to drop to 0.50 USD or see a sharp rebound. Short-selling pressure is increasing, indicating pessimism in the market.

Trader activity reflects cooling interest, with almost 166,000 wallets at a loss. Solana’s struggles directly impact its memecoins, including WIF, and a significant trader has lost over 1 million USD. Bears are dominating the market, leading to concerns over further declines.