Dogwifhat Down Double-Digits as Meme Coins Retrace Last Week's Gains

While the broader crypto market trades flat, meme coins have had a torrid time of it today, as they retrace from recent peaks.

Solana-based Dogwifhat (WIF) dropped double-digits overnight, as it continued to slip from an all-time high set on March 31st. The cryptocurrency is currently down 15.9% on the day and 10.4% on the week, trading at $3.26, per data from CoinGecko.

Other dog-themed coins have slipped over the past day, with Dogecoin (DOGE) down 4.9%, Floki Inu (FLOKI) down 6.4% and BONK down 5%. Of the canine coin category, only Shiba Inu (SHIB) is trading flat on the day, though it remains down 13.3% on the week.

Elsewhere in the meme category, PEPE is down 7% on the day, while the Solana-based Book of Meme (BOME) is down 12.9% to trade at $0.01351.

It continues a broader trend of meme coins retracing from last week's rally, as Bitcoin slipped to $65,000 earlier this week. As a whole, the meme coin category has dropped by 18.5% over the past week, per data from CoinGecko.

That fall has to be seen in context, though; just over a week ago, Dogecoin soared to over $0.20 for the first time since 2021. That same day, WIF posted an all-time high, continuing to rise until hitting $4.83 on March 31st.

The meme coin asset class has risen alongside Bitcoin's price surge this year, with Solana becoming a hive of trading activity.

In March, the chain saw record trading volumes on decentralized exchanges (DEXs) propelled by meme coins such as Dogwifhat. DEXs on Ethereum scaling network Base likewise broke records last weekend, with a meme coin gold rush driving $1.22 billion worth of trading volume.