Dogwifhat (WIF), a meme coin based in Solana, has experienced a notable rise in price and valuation over the last two weeks, with an increase of 63% in value. As a result, WIF hit its record-high monthly valuation of $2.81.
WIF Leads The Memecoin Race
Forbes reports that Dogwifhat, with a market value of over $1 billion, has become the most successful coin in the community, rising 1,300% from a starting point of $0.111 since December of 2023.
Pepe (PEPE) is not far behind, with gains approaching 800%. Simultaneously, Floki Inu (FLOKI), a meme coin named after Elon Musk's Shiba Inu dog, has experienced a notable surge of 418% during the same time frame. Similarly, Shiba Inu (SHIB) has increased by 67%.
Although meme coins receive most of the attention, the report points out that several tokens unrelated to meme coins have also seen impressive rallies that have outperformed Bitcoin's performance.
WIF's Market Cap Surged Significantly
The token's market capitalization has also increased significantly, almost doubling from $1.5 billion to $2.8 billion in just one month. Experts, however, predict that WIF's market value will continue to rise, possibly leading to the token surpassing its prior all-time highs (ATHs).
With a market value that exceeds that of currencies like Hedera's HBAR, ATOM, VET, and Optimism's OP token, WIF is a prominent participant in the cryptocurrency industry and supports the positive view. Market analyst Enguin highlights this on X.
WIF Coin Key Strengths
Experts think that WIF's significance is responsible for three major elements—increased stability, enhanced liquidity via numerous exchange offerings, and a "well-established" mindshare functioning as a stand-alone marketing force. Enguin went on to say:
There's a compelling story behind it becoming the top dog coin for a new generation of cryptocurrency users and being a brand-new CTO meme from The People's Chain (Solana). Although I'm not committed to this theory, a 10–20x increase from here seems plausible.
Dogwifhat Price Prediction Technical Analysis
In the daily chart of WIF price, the recent price showed a bullish rebound from a record low. After setting a top in April 2024, the price kept moving down, and a bottom was found at the 1.4848 level. The price moved higher immediately and formed a new swing high at the 2.8897 level, creating a Change of Character (CHoCH) formation.
In the most recent chart, the Dogwifhat price moved down immediately and moved below the 1.4848 level, suggesting a sell-side liquidity sweep. Moreover, the 100 day SMA and 20 day EMA are above the current price with a bearish slope.
Based on this outlook, a bullish continuation with a daily candle above the 2.3678 level could activate the bullish opportunity, aiming for the 3.6866 resistance level. However, a failure to move above the 100-day SMA with a bearish rejection might resume the current bearish trend, targeting the 1.0150 support level.
