Dogwifhat ($WIF), a Solana-based memecoin, has dipped below the critical $1 threshold, currently trading at $0.86. The decline comes amid a broader sell-off in the memecoin sector, which has recently seen several major tokens tumble.
A 7.5% drop in WIF made investors even more worried about bigger losses to happen. Such a recent breakdown makes sector analysts concerned, with some warning the whole Solana memecoin ecosystem is at risk. WIF’s latest price decreases show a significant break from its past winds, when it jumped above $1.30 and seemed ready to head toward $2.
As the prices of SOL and other cryptocurrencies slump and many users report losses, WIF holders can no longer avoid a key choice the token could go as low as $0.50 or there could be a surprise rise.
Memecoin Price Snapshot (as of June 5, 2025)
| Token | Price | 24h Change | 7d Change | Market Cap |
| WIF | $0.86 | -7.5% | -22.3% | $879 million |
| DOGE | $0.142 | -3.2% | -11.4% | $20.1 billion |
| SHIB | $0.000021 | -2.8% | -10.6% | $12.9 billion |
| PEPE | $0.0000013 | -4.9% | -13.7% | $550 million |
| BONK | $0.000026 | -6.1% | -19.1% | $180 million |
Bearish Sentiment Intensifies Around WIF
People have opposing views about $WIF in the market. Even though a few traders expect its value to grow by roughly 100%, bearish trends seem to be gaining popularity. Short positions are becoming more popular as prices go down and retail traders’ motivation fades.
On June 4, Bob Paulus, a famous crypto trader, posted a message saying that WIF appears to be in a downtrend on its daily charts. Recently, traders that followed his call have appreciated their investments by as much as 140%.
As WIF went down, the whole memecoin market also faced a dip. The total trading volume decreased by more than 14% over the last day which caused the total market capitalization to fall by nearly 2%. Lately, well-known tokens such as Dogecoin ($DOGE), Pepe ($PEPE) and Shiba Inu ($SHIB) have fallen by at least 10% weekly, showing that the market’s momentum is declining.
Solana Nears Key Support Level, Adding Pressure to Memecoins
How Solana fair continues to predict how memecoins associated with it will perform. As SOL is now worth over 12% less for the week and hovers near $150, tokens that are supported by Solana are facing more stress. As Solana’s price gets closer to $140 again which was the cause of a crash in February, traders are watchful.
A recent look at retail activity shows that people are not enjoying shopping as much as before. As per the analytics by Dune, even though over 217,000 wallets have involved in trading Solana memecoins this month, only five people have earned more than $50,000. Alternatively, almost 166,000 wallets have had all of their funds completely taken out. There is a well-known trader reportedly facing losses of more than $1 million. This shows that memecoin communities are getting increasingly pessimistic.
As Solana’s future is not certain, memecoins including WIF are especially prone to falling further without a strong change in sentiment.
Top Binance Trader Doubles Down on Short Strategy
Even though markets are down overall, some key investors are placing bets to profit from a fall in stocks. Matter Trades has repeated that he expects the market to weaken over the next few weeks which is the main reason for his current bearish position.
“Nothing good ever comes from the summer market,” he underlined, stating that the trends have consistently shown that summer buying is risky. After Bitcoin touched $111,000, Matter began by shorting the market, advising that macroeconomic forces might worsen the current state of the market.
He goes on to doubt the current bullish trend in altcoins, highlighting signs of concern in the U.S. economy. He also noted that problems in the housing sector are now reminiscent of what happened in 2008. Bitcoin is seen as a risky investment, and it usually drops in value first when there’s a market shock or widespread anxiety.
Technical Indicators Point to Further Downside for WIF
When you view the chart, WIF is forming what seems to be a bearish A-B-C correction pattern on the daily scale. From reaching an almost $1.50 level in May, the price has continued to fall and is now at $0.86.
Based on technical analysis, WIF could fall to the $0.65–$0.70 zone which acted as a sign of upward movement earlier. If no strong reversal appears and the price stops above $1.00, the token could drop further and return to the $0.60–$0.65 region.
Since the market for meme coins keeps falling and investor mood becomes more negative, traders and investors keep vigilantly tracking for signs of improvement or another weakness.
