WIF falls 86%: Time to buy the dip or wait for…

• WIF surged four digits from its mid-February lows last year, reaching an ATH by the end of Q1.
• Is the dog memecoin losing its spark to repeat the rally?

With most memecoins trading well below their post-election highs, dogwifhat [WIF] is no exception. But unlike its rivals, WIF’s recovery remains distant – still down 86% from its $4.83 peak.

The setup screams ‘buy-the-dip’, but will bulls take the bait, or is confidence fading?

It’s one or the other

WIF has been a consistent name on the losers’ chart, down 56% monthly, 15% weekly and 7% daily, now sitting at just $0.62 – its lowest level in 11 months. This cycle has been brutal for the memecoin, but is a turnaround in sight?

Last year, WIF pulled off an explosive 1,800% surge from its mid-February lows, hitting $4.85 by the end of Q1. That surge aligned with broader market strength, as the WIF/BTC pair saw steady capital inflows.

Source: TradingView (WIF/BTC)

But with over 11 million cryptos now in the market – many of them meme-based – competition is fiercer than ever. Macro-led volatility isn’t helping either, keeping investors away from risky bets. 

With the combined market cap of all memecoins down 42% in less than 30 days, it’s hard to imagine investors rushing to buy the “dip” just yet. Volume data tells the same story – after peaking at $3.46 billion, it’s now slumped to just $270 million.

Does this signal the endgame for WIF?

Interestingly, it’s not just WIF struggling below the $1 mark – even its rivals have lost their FOMO-fueled highs. Clearly, this isn’t just a memecoin dip; it’s a market-wide meltdown.

Once the market rebounds, capital is expected to flow back in, with Dogwifhat likely seeing some relief. But a true breakout is still a long way off.

Why? Two major whale cohorts have been offloading millions since November. Wallets holding 100K–1M WIF coins have slashed their holdings by 13%, dropping the total to just 195.74 million.

Source: Santiment

Realistic or not, here’s WIF’s market cap in BTC’s terms

With FOMO fading and whale support shrinking, breaking $1 won’t be easy. If the market doesn’t turn around, WIF could plunge even deeper – maybe even to $0.20.