The past week for the cryptocurrency market ended on a steady note, however, some Solana-based memecoins, including Fartcoin, PENGU, and WIF, have stopped attracting investor attention.
WIF Price Dynamics
The memecoin dogwifhat has lost 11.76% over the week. Currently, it is priced at $0.88, despite reaching a weekly high of $1.06 on August 14. The decline began after the market hit a resistance zone at $1.3. Since then, WIF has been trading between a resistance level and a support level at $0.75.
The current Relative Strength Index (RSI) is at 44, suggesting that bears are controlling the market. Trading volume is down 22% and stands at $261.76 million.
PENGU's Weekly Decline
PENGU, the native token of the popular NFT project Pudgy Penguins, saw a 12% price drop this week after hitting an all-time high of $0.04662 on July 23. Since then, the price has been dipping, creating a series of lower highs and lower lows. Currently, the memecoin is trading for $0.033145, down from its weekly high of $0.04120 on Monday, with a market valuation of $2.08 billion.
Fartcoin's Price Drop and Consolidation
Fartcoin shows similar price action as PENGU, having also dropped after hitting a new high record. The drop started on July 16 when it failed to recover its high of $2.6 reached in January. As a result, the memecoin has lost 13% over the week, consolidating between $1.671 and $0.795.
The state of WIF, PENGU, and FARTCOIN highlights the current decline in interest toward these assets amidst the overall market slump. The observed trends may influence investors' future trading strategies.
