Dogwifhat Price Drops 5% As This Rival ICO Races To $13M

The Dogwifhat price plunged more than 5% in the last 24 hours to trade at $1.34 as of 9:54 p.m. EST as investors dump their holdings in the canine-themed meme coin on the market.

Along with the drop in the WIF price, the crypto also experienced an over 33% decrease in 24-hour trading volumes to around $662.04 million.

Dogwifhat Price Resting On Key Support

Daily chart for WIF/USD (Source: GeckoTerminal)

The Dogwifhat price is resting on the $1.2504 support level after trading in a negative sequence of lower lows and lower highs over the past couple of days. Should the meme coin drop below this technical safety net, it could stand the risk of falling to the subsequent support at $0.7697.

On the other hand, a rebound from the $1.2504 support level in the next 48 hours might invalidate the bearish thesis. In this alternative case, the crypto could try to reclaim a position above the $1.6734 mark. Thereafter, continued pressure from buyers might push the Dogwifhat price up to as high as $2.1541.

Technicals Warn The Dogwifhat Price Might Keep Dropping

Technical indicators on SOL’s daily chart warn the meme coin’s price might keep dropping in the next 48 hours, with Exponential Moving Averages (EMAs) and the Moving Average Convergence Divergence (MACD) showing bearish signs. 

The 9 EMA is currently positioned below the 20 EMA on the daily chart. This alignment of the shorter EMA underneath the longer EMA is often seen as an indication that a crypto is in a negative trend, with momentum favoring sellers. 

Meanwhile, a major bearish technical flag is on the verge of being triggered by the MACD. In the last 24 hours, the MACD line has dropped towards the MACD Signal line. Now, the prior is looking to cross below the latter. If this intersection happens, it could be a sign that the Dogwifhat price has entered a negative cycle.

While WIF risks dropping some more in the next 48 hours, the presale for layer-2 Solana meme coin rival Solaxy (SOLX) is charging towards the $13 million mark. 

The project’s strong ICO performance is likely to carry on given the bullish predictions by crypto experts. Among them is 99Bitcoins, a popular crypto YouTube channel with over 721K subscribers, who says SOLX might 100X after launch.

Solaxy To Unlock Solana’s Full Scalability Potential

Solana is one of the fastest blockchain networks currently in the market. This speed, combined with its low transaction fees, has made the chain the network of choice for developers looking to capitalize on the recent hype around meme coins. Even Donald Trump himself launched a token on the Solana network, which managed to achieve a market cap in the billions.

However, Solana’s popularity has come at a cost. As more tokens enter the Solana ecosystem on a daily basis, the network becomes more congested. This high level of traffic has negatively impacted the chain’s speeds and upped transaction costs.

Solaxy, with its own layer-2 side chain and scaling technology, aims to tackle Solana’s congestion by taking over some of the network’s transaction processing workload. 

By running parallel to Solana, the layer-2 chain will provide the mainnet with the computational power needed to cope with the influx of new meme coins. As a result, Solaxy will not only increase Solana’s speeds, it will also slash the network’s already-competitive transaction fees.

The project will also connect Solana to the Ethereum network through bridging technology. This will unlock a super Web3 ecosystem that combines Solana’s speeds and cost efficiency with Ethereum’s robust security infrastructure and thriving DeFi landscape. Solaxy will then be positioned as a transaction layer between two of the most prominent chains in the crypto space.

High Staking Rewards Pull Investors In During The Presale Stage

Solaxy has already raised over $12.7 million through its ongoing ICO, signaling strong investor confidence in the project’s future. With the bullish predictions from experts like 99Bitcoins and the project’s mission to scale the Solana network, it’s no wonder a buying frenzy has erupted around SOLX’s presale. 

There is also a 296% staking APY on offer to anyone who buys and locks up SOLX during this ICO phase that might be pulling investors in. To get in on these rewards, investors will simply need to purchase SOLX through the buy widget embedded on the project’s website. 

Selling for $0.001608, SOLX can be bought with both crypto or bank card. After acquiring some SOLX tokens, investors can head over to the staking page on the website to put their tokens to work for the high passive rewards.

Buy and stake SOLX for the 296% APY before a scheduled price increase in 32 hours.

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