Renowned crypto analyst Bluntz has sounded the alarm, forecasting a significant decline of over 50% for dogwifhat (WIF), a top 50 memecoin by market value. This prediction is based on Elliott Wave theory, which suggests a corrective three-wave pattern is unfolding. Currently trading at $2.94, WIF has previously plummeted to a low of $0.069, showcasing its volatility.

Bluntz's analysis indicates a potential drop of around 66% from current levels, with a possible bottom forming around $1 before resuming its upward trajectory. This warning is echoed by Credible Crypto, another respected analyst, who predicts a 47% decline. The memecoin's vulnerability is underscored by its rapid gains, having surged over 42 times in value within four months.

As the 43rd largest cryptocurrency by market value, WIF's fluctuations can have a significant impact on the market. Investors are advised to exercise caution and consider the warnings from these experienced analysts. With the expected decline looming, it's crucial to stay vigilant and adapt strategies accordingly.