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Crypto Soothsayers Foresee Meme Token Meltdown
In the ever-fluctuating realm of digital assets, a renowned crypto analyst and trader, known only by the pseudonym Bluntz, has cast a foreboding shadow over the future of a top-50 memecoin.
With a following of 258,100 on the social media platform X, Bluntz has delivered a bearish prognosis for dogwifhat (WIF), a Solana (SOL) blockchain-based token. According to the analyst’s Elliott Wave-infused technical analysis, WIF could plummet by a staggering 66% from its current lofty perch.
Bluntz, a practitioner of the arcane art of Elliott Wave theory, believes that WIF is currently in the throes of completing a corrective three-wave pattern. This ominous development, according to the principles of Elliott Wave, suggests that the memecoin’s primary uptrend may soon give way to a downward spiral, potentially bottoming out around the $1 mark before embarking on a new ascent to uncharted all-time highs.
Source: Bluntz/X
WIF, currently the 43rd-largest crypto asset by market capitalization, is trading at a lofty $2.94 as of this writing. The Solana-based memecoin has already experienced a meteoric 42.61x surge in just four months, climbing from a low of $0.069 on January 10.
But the crypto soothsayers are not done yet. Another pseudonymous analyst, Credible Crypto, has also chimed in, echoing Bluntz’s bearish sentiment. Credible Crypto foresees a potential 47% plunge in WIF, as well as similar downward trajectories for other memecoins, including the ever-popular Dogecoin (DOGE).
“If you still haven’t taken a look and/or refused to open your mind to the possibly of a sub $2 WIF and major drops across the board for Dogecoin (DOGE) and other memes, it’s not too late,” Credible Crypto warns.
As the crypto landscape continues to evolve, these prophetic voices serve as a stark reminder to investors to tread cautiously and stay vigilant, lest they be swept away by the tides of meme-fueled volatility.
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