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WIF community is up to something: Will it impact prices?

3min Read

The Dogwifhat community is raising money to put the meme on the Vegas Sphere

dogwifhat [WIF] news

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  • More than 24 hours after the donation link went live, the community closed in on half of its target.
  • Bullish sentiment around WIF fell as well as the social volume.

$303,532 out of a possible $650,000! That is how much the dogwifhat [WIF] community has raised in a bid to display the memecoin logo at the Las Vegas Sphere. Las Vegas Sphere is one of the largest concert venues in Nevada, United States.

Therefore, it seems that the dogwifhat group wants more adoption for the token. This is because more hype could bring in more holders. However, AMBCrypto observed that this public contribution came at a time when WIF prices dropped.

Is WIF heading to Vegas?

At press time, WIF changed hands at $2.16, representing a 6.86% decrease in the last 24 hours. Despite the drawdown, data from Solscan showed that donations have continued to troop in since it started on 10th March.

WIF came into the market in 2023. Within a few weeks of its introduction, the price of the cryptocurrency increased exponentially. But the token did not gain as much attention as it has since the new year began.

Within the last 30 days, AMBCrypto reported how WIF’s price rallied. As of this writing, that performance was a 657.07% increase and has brought the memecoin into the top 60 per market cap.

But when it comes to the volume, on-chain data revealed that there has been a change.  On the 6th of March, WIF’s volume climbed to 2.46 billion. However, that same metric was 317.14 million at press time.

Chart showing a decline in WIF's volume and the value

Source: Santiment

This decline suggests decreasing interest in the token, and with recent developments, it could imply that WIF has hit a local top. Apart from the volume, we also considered the social data to examine if the developments sparked more discussion about the token.

It’s “calm down” season for the token

From a social viewpoint, AMBCrypto’s analysis using Santiment showed that the social volume fell. Social volume tracks the mention of coins across subreddit groups, discord, private traders’ chats, and other channels.

As the on-chain trading volume indicated, the decline in this metric implied that interest in WIF has waned. However, the declining interest could be a chance to buy the token at a cheap value. Typically if hype returns to the market, the price might increase.

Considering it is a memecoin, traders who fail to buy when attention is low might be late to the potential rally. Furthermore, the Weighted Sentiment reading dropped and was on the verge of falling into negative territory.

dogwifhat chart showing WIF's decreasing sentiment and social volume

Source: Santiment


How much are 1,10,100 WIFs worth today?


Given the current state of things, the reading above implied that positive comments about WIF were increasingly reducing. If the Weighted Sentiment becomes negative, then WIF’s price might also drop.

In the meantime, traders might need to keep an eye on the cryptocurrency. If the community achieves its donation goal of $650,000, it could call for celebration, and pumping the price might be an option in that regard.

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Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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