The memecoin Dogwifhat (WIF) has experienced a significant decline in its value, plummeting by 23.17% within the last 24 hours. Its current price sits around $0.7889 after falling to a market cap of just $788.06 million. Although trading volume surged to $447.87 million, up 31.94%, indicating selling pressure, this doesn’t contradict the broader crypto market downturn. Overall, the market has fallen 2.7%, with its total value now at $3.24 trillion. This marks a second consecutive day of red candles across the board. WIF’s drop comes after a strong surge earlier in the week, but the momentum has waned alongside the overall slump in the crypto market. It’s currently ranked #80 on CoinMarketCap and is among the top performers suffering losses today, especially within the memecoin category. Many traders are now analyzing whether this is a temporary dip or a sign of a larger market decline.