Meme Token CWIF Experiences Short-Term Plunge of Nearly 90%, Market Cap Dips to $3.48 Million Before Recovery

BlockBeats News, August 12th, according to GMGN data, the Solana-based Meme token CWIF, developed by the same team as TROLL, experienced a short-term crash of nearly 90%. Its market value plummeted from $31 million to $3.48 million, and is currently at $11 million, with a 24-hour trading volume of $24.4 million.

CWIF was previously promoted by well-known crypto KOL @AltcoinGordon and @jayxbt2012, highlighting it as the first sheep-themed token on pump.fun. They emphasized its connection to the TROLL developers and the unique narrative of the "sheep wearing a hat."

BlockBeats reminds users that Meme coins often lack practical use cases, experience high price volatility, and advises caution when investing.