Trader Warns Dogwifhat Could Trigger Meme Coin Meltdown If Key Level Breaks

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

Sherpa urges caution, saying any unexpected negative news could push Bitcoin quickly back below the $100,000 level.
On Hyperliquid, Sherpa sees possible support at $31.84 but remains confident in its long-term performance this cycle.
See how Matt Maley is positioning for post-Fed volatility and momentum—live this Sunday, June 22 at 1 PM ET.

A popular crypto trader is raising concerns about the price stability of Dogwifhat WIF/USD, a popular meme coin rivaling Dogecoin DOGE/USD.

The trader, known online as Altcoin Sherpa, shared with his 248,000+ followers on X (formerly Twitter) that WIF must maintain a key support level of $0.78 or risk entering a prolonged downward trend.

"WIF needs to hold these levels or a broader decline may follow for similar tokens," he wrote, suggesting that many lower-timeframe charts already show bearish structures.

WIF is currently trading at $0.8001, up about 0.5% over the past 24 hours.

In a separate observation, Sherpa shared a technical chart indicating that Bitcoin BTC/USD could be preparing for a breakout toward an all-time high near $124,000.

Despite prevailing economic uncertainty, he remains optimistic.

He pointed to ongoing geopolitical tensions and the lack of interest rate cuts, yet noted, "BTC is still above $100,000? That's bullish."

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Still, he urged caution.

A surprise event or unfavorable news could trigger a sharp drop below $100,000, he said. "I'm not jumping into many trades at the moment. I'm fine holding some losing positions for now. Better to be patient and use this time for research."

At the time of writing, Bitcoin was priced at $105,980, up about 1% for the day.

The trader also commented on Hyperliquid HYPE/USD, a newer layer-1 blockchain project. According to his analysis, the token may revisit support around $31.84 if Bitcoin experiences further volatility.

"HYPE might dip into the low $30s if BTC continues to trade sideways or declines. Still, it's one of the stronger performers this cycle, and I'm holding my staked position," he wrote.

HYPE was trading at $37.2 at the time of reporting, down over 3% in the past 24 hours.

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