Solana meme coin Dogwifhat (WIF) has crashed below $2 this week, witnessing double-digit declines as investor interest in the popular meme coin begins to wane.

The price of Dogwifhat is currently trading at $1.8, having fallen by a whopping 25.72% over the past seven days. This unexpected decline has been attributed to recent selling pressures from WIF investors, with data revealing that over $16 million in WIF tokens have been sold off by anonymous investors in the past week.

Continuous liquidations from investors have triggered selling pressures, causing a decline in Dogwifhat's highly volatile and speculative market value. Furthermore, large whales have begun offloading their WIF holdings, with one anonymous whale depositing 12.66 million WIF tokens, valued at $23.4 million, to Binance.

Since the beginning of June, Dogwifhat has underperformed most meme coins, crashing by nearly 40% despite previously reaching an all-time high of $3.97 in March. As of now, Dogwifhat ranks as the fourth-largest meme coin, with a market capitalization of $1.8 billion.

Looking ahead, if the selling pressures persist, WIF's price could potentially fall below $1. The CEO of CryptoQuant has expressed a bearish sentiment on meme coins, suggesting that the era of easy profits from such speculative investments may be coming to an end.