The Dogwifhat price has plunged by 18% in the last 24 hours to trade at $0.285 as of 12:08 a.m. EST.

The correction follows a bull run that saw the token double its valuation from a week ago

Dogwifhat Price Prediction: Will The Meme Coin Recover?

An in-depth analysis of 4-hour WIF/USDT charts reveals that bears still have a grasp of the meme coin market, as pointed out by several indicators. The MACD indicator is moving in the red zone to show bear dominance as the Dogwifhat price potentially heads for a continuous plunge in the short term.

The Awesome Oscillator (AO), used in gauging market trends, is also reverting to the midline with red histograms suggesting strong bear trends on the meme coin. This is supported by the Average Directional Index (ADX), which is also currently on a southern trajectory to back up the bear prospects on the meme coin.

Looking at volatility levels, the Dogwifhat price is currently volatile, as shown by the Bollinger Bands, which are far apart. However, These levels are likely to drop in the short term due to decreasing trading activities that have seen the token’s trade volume drop by 22% over the last 24 hours.

4-hour WIF Chart | Source: TradingView

Meanwhile, with the Dogwifhat price facing bear domination, Sponge V2 is emerging as another meme coin alternative for investors chasing after projects with explosive potential in 2024. Could it be that WIF investors are already shifting to this rising star? 

Dogwifhat Price Prediction: Is Sponge V2 The Token To Buy Now?

The latest presale sensation, Sponge V2 (SPONGEV2) is an upgraded version of last year’s viral success, Sponge, which has soared more than 1,000% in a year. 

Sponge V2 introduces novel features poised to captivate the market. At the core of Sponge V2 lies an enhanced ecosystem, offering new play-to-earn activities and alluring staking incentives tailored for investors. This dynamic ecosystem stands as the cornerstone of Sponge V2’s appeal.

💸🛌 Earn passive #SPONGEV2 rewards just by staking your $SPONGE!

Enjoy over 40% APY and watch your holdings grow.

It’s never been easier! 🧽💦🙌 #CryptoStaking #MemeCoin #Alts pic.twitter.com/N0z2n4W9is

— $SPONGE (@spongeoneth) January 10, 2024

In the realm of play-to-earn games, Sponge V2 stands out with groundbreaking advancements in tokenomics and practicality. And engaging in these games allows holders to augment their SPONGEV2 token holdings.

SPONGE also caught the attention of Tron founder Justin Sun.

#PeckShieldAlert The address 0x9FCc…19Fe (Suspicious #JustinSun related) has withdrawn 6,166 $ETH (worth ~$13.8M) from #Binance pic.twitter.com/8jGbcwRvzg

— PeckShieldAlert (@PeckShieldAlert) December 26, 2023

After expressing a profound interest in meme coins last year, Sun revealed his plan to begin investing in them.

I’ve decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023

With a total wallet value of $595 million, Sun has about $100,000 worth of SPONGE.

Gaming with Rewards

Sponge V2 enables users to earn tokens based on in-game rankings while participating in exhilarating racing and combat activities, and it’s ranked among the best gaming tokens to buy.

Sponge V2 also excels in staking capabilities, seamlessly integrating with gaming experiences. This synergy enhances the overall appeal for both seasoned and novice investors.

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With bears now in control of the Dogwifhat price, the SPONGEV2 presale presents an alternative chance to reap profits. Time is of the essence as the Sponge V2 debut is imminent.

Visit the official Sponge V2 Website here.

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• Source: https://insidebitcoins.com/news/dogwifhat-price-prediction-wif-plummets-18-as-analysts-wonder-if-traders-are-migrating-to-this-meme-coin-star-thats-soared-1000-in-a-year