Interest in the Dogwifhat Cryptocurrency Meme Has Reached Galaxy Digital - What's Next for Price?

Most recently, Mike Novogratz, CEO of Galaxy Digital, announced to his followers on X that he is interested in Dogwifhat (WIF), the Solana-based meme coin.

This created an uproar in the community, thereby raising the price of WIFI from 6%.

Novogratz share :

"Does anyone know where the dog hat can be found?" I want to buy it as a gift for someone. Can anybody help me?"

Although it was Galaxy Digital, in partnership with Invesco, that offered the BTCO Bitcoin ETF, there has been no official information about their stake in Dogwifehat , but Mike Novogratz's appearance on social media has everyone thinking that the company might go so far as to include the meme coin in its investment portfolio.

However, the last month has been relatively bad for WIF as the coin has been involved in a downward price movement. The market is now at a critical juncture as it tries to figure out whether it will be able to break out of this level or whether it will continue to go down.

Dogwifhat has seen a slight uptick lately, but the technical indicators don't look good. The price remains in a descending channel characterized by lower lows and highs, which means that selling pressure is still very strong.

The meme cryptocurrency has lost 10% of its value in the past month and is trading at $2.57 at the time of writing.

Over the past week, the price of Dogwifhat has fallen by 5% and if the current traced support line cannot act as a floor, the possibility of the price falling all the way to a new low of $1.93 is likely.