Bluntz, a well-known crypto analyst and trader, is sharing his negative outlook on a popular memecoin ranked in the top 50 by market cap. In a post on the social media platform X, Bluntz, who goes by a pseudonym, warns his 258,100 followers that WIF (dogwifhat), which operates on the Solana blockchain, could potentially see a significant drop of approximately 66% from its current level.

Bluntz utilizes the Elliott Wave theory in his technical analysis, and he believes that WIF is currently in the process of completing a corrective three-pattern wave. According to this theory, the price of an asset typically follows a five-wave pattern in its main trend, while a correction occurs in a three-wave pattern.

Analyzing the chart provided by Bluntz, it suggests that WIF may reach a bottom around the $1 mark before bouncing back and continuing its upward trajectory to new all-time highs.

At the time of writing, WIF is the 43rd largest cryptocurrency by market capitalization and is trading at $2.94. It’s worth noting that this Solana-based memecoin experienced a significant rise, surging from a low of $0.069 on January 10 to its current value, marking a remarkable gain of 42.61x in just four months.

In addition to Bluntz, another pseudonymous analyst, Credible Crypto, also predicts a decline for WIF and other memecoins. Credible Crypto suggests that WIF could potentially drop by approximately 47% from its current level.

Credible Crypto advises those who haven’t already done so to consider the possibility of WIF falling below $2 and major drops across the board for other memecoins like Dogecoin (DOGE). It’s not too late to be mindful of these potential developments.

As a reminder, the opinions expressed in this article are not investment advice, and it is essential for investors to conduct their own research and due diligence before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are undertaken at one’s own risk, and any resulting losses are the responsibility of the investor. The Daily Hodl does not endorse or recommend the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor.