Dogwifhat whales have been busy offloading their tokens, dumping nearly $16 million worth of WIF in the current week. This significant selloff has accelerated the recent price dip, with the WIF price losing over 35% in the past month. The downtrend has been fueled by large-scale sell-offs, including a massive dump of 5.97 million tokens worth $12.1 million to Binance today.

The WIF price has plummeted 14.54% in the last 24 hours, trading below the critical $2 support level. This marks the continuation of a bearish trend that has seen the meme coin lose 25% in the past week. The market capitalization of Dogwifhat has dropped by 14.5% to $1.85 billion, positioning it at rank 49 in market cap listings.

Despite the price downturn, the trading volume for WIF has increased by 7.22%, totaling $390.43 million. This surge in trading activity indicates significant market movements as investors react to the recent sell-offs. The selling spree by whales has contributed to growing pessimism among traders, signaling a lack of confidence in the meme coin’s future performance.

The drop in price and the substantial offloading of tokens reflect a broader trend within the cryptocurrency market, where investor enthusiasm for meme coins has been waning. The fading interest in speculative investments, particularly meme coins like Dogwifhat, underscores a growing caution towards high-risk assets amid market corrections and increased volatility. The recent price action and whale behavior suggest that the bearish trend for WIF may continue, with further declines possible if investor confidence does not return.