Dogwifhat consolidated in the past few weeks as the crypto market lost momentum. WIF price traded at $0.8400 today, July 4, down 38% from its highest point this month. This article explains why the token is about to soar and why Bitcoin Pepe (BPEP) is gaining traction.
WIF Price Technicals Point to a Surge
Dogwifhat, the third-biggest Solana meme coin after Official Trump, Bonk, and Fartcoin, has strong technicals that may push it much higher in the coming weeks.
WIF has formed a falling wedge pattern on the daily chart. This pattern consists of two descending and converging trendlines, with a bullish breakout occurring when they approach their confluence level. Therefore, this pattern alone suggests an impending surge.
But there is more. This falling wedge is part of a bigger continuation pattern known as a cup-and-handle. A C&H comprises a rounded bottom and a handle on the right side.
The distance between the upper and the lower sides of the cup is about 76%. Now, measuring the same one from the cup’s top gives it a target of $2.37, which is about 160% above the current level.
This target price is a few points below the 50% Fibonacci Retracement level, and its surge to that point will be confirmed if it moves above the cup’s upper side at $1.34.
In addition to its strong technicals, the Dogwifhat price will be boosted by the potential crypto bull run as the fear and greed index rises. All conditions for a broad crypto market rally are in place, with Bitcoin nearing its all-time high and hopes of interest rate cuts on the rise.
READ MORE: Dogecoin Price Prediction: Classical Pattern Points to a DOGE Surge
Bitcoin Pepe is Positioning to be the Next Big Thing
Meanwhile, Bitcoin Pepe is positioning itself as the next big thing in the crypto industry. Its name is a combination of the largest cryptocurrency in the industry and the second-largest meme coin on the Ethereum network.
Its name has a meaning in that it wants to launch a layer-2 network on Bitcoin that is fully focused on meme coins. Layer-2 networks, such as Base, Blast, Arbitrum, and Optimism, are sidechains that enhance the performance of an existing cryptocurrency project.
Most sidechains today focus on Ethereum, the biggest smart contract chain in the industry. One of the most undercovered areas in the sidechain industry is Bitcoin, which has no smart contracts.
While Bitcoin L2 networks like Core and Stacks exist, they have not gained substantial market share. Bitcoin Pepe is aiming to play its role in the industry by creating a niche layer-2 chain focused solely on meme coins.
Bitcoin Pepe will have faster transaction speeds and near-zero costs. It will also have a feature to generate meme coins, making it a big competitor to Solana, which is used to build thousands of meme tokens.
Bitcoin Pepe’s ambition explains why it has gone viral and raised over $16 million in the last few months. Investors have also purchased it due to its staking incentives and 30% bonus. Learn more about Bitcoin Pepe here.
READ MORE: XRP Price Prediction: Top 3 Reasons Ripple is About to Rally 50%
