Dogwifhat (WIF), a Solana-based meme token, has experienced a significant decline recently, indicating a bearish outlook. The price dip comes amidst overall market turbulence, with bulls and bears struggling to take control. This situation reflects the broader instability observed among meme cryptocurrencies.
Open interest, which can indicate investor interest in a particular asset, for WIF has also been declining, as per Coinglass data. Lower trading volumes contribute to the bearish sentiment surrounding the token.
The broader question remains if reaching a $10 target remains feasible, given the current market conditions and WIF's performance over the past month.
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