The article discusses the recent decline in meme coins, with their total market cap currently standing at around $42 billion according to Coingecko. Dogecoin remains the most valuable meme coin with a market cap of over $15.4 billion, followed by Shiba Inu at around $8 billion. However, one analyst is bearish on the meme coin, DogWifHat (WIF), despite its market cap of over $1.5 billion. WIF has experienced a significant drop from recent all-time highs and is currently in a bearish state according to the analyst. While there is some optimism for a market-wide recovery, the current bearish structure of WIF dampens overall positivity. The article concludes by stating that for the uptrend to take shape, WIF bulls must break above $2 with increasing trading volume, potentially leading to further gains.



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