Dogwifhat (WIF) price continued its bullish trend this week as the meme coin frenzy gained steam. The token surged to a high of $2.2757 on Wednesday, meaning that it was up by over 2,400% from its lowest point in December last year. The total market cap has surged to over $1.8 billion, making it one of the biggest meme coins in the world.
Meme coin frenzy goes on
Meme coins have become some of the most popular players in the cryptocurrency industry in the past few years. Today, data compiled by CoinGecko shows that these tokens have accumulated over $57 billion in market capitalization. This makes them bigger than some of the best-known companies globally like Deutsche Bank, Delta Airlines, and eBay.
Dogwifhat has become one of the biggest meme coins in the world. It is a Solana meme coin that does not have any specific role. Like other meme coins, its valuation comes from the amount of money that traders are willing to pay for. This is in line with other meme coins like Pepe, Bonk, and Dogelon Mars.
Dogwifhat price has surged as more companies have listed it. Last week, it was listed by Robinhood, one of the best-known brokers in the United States. And this week, it was listed by Binance, the biggest crypto exchange in the world. In most cases, cryptocurrencies tend to rally after being listed by a major exchange.
The listing has given it access to more potential buyers who have moved into a Fear of Missing Out (FOMO) mode. This is a situation where traders buy cryptocurrencies simply because they are going up. It also explains why other cryptocurrencies have jumped sharply,
Most of the Dogwifhat trading is happening in mainstream exchanges like Binance, Gate, KuCoin, and HTX. A substantial amount is also happening in Solana decentralized exchanges like Raydium, Orca, and Jupiter.
WIF’s rally is reminiscent of last year’s BONK price surge. BONK, the first meme coin on Solana, has now become the fourth-biggest meme coin in the world. Along the way, these tokens have minted many millionaires.
Dogwifhat price forecast
Turning to the 4H chart, we see that the WIF price has been in a spectacular rally. It has jumped from the YTD low of $0.059 to a high of $2.27. This rally has made it one of the best-performing cryptocurrencies in the world.
The Dogwifhat token has remained above all moving averages, signalling that bulls are still in control. It has now pulled back slightly from its highest point as some traders start to take profits.
Therefore, the outlook for the WIF token is still bullish, with the initial target to watch being at $2.27, its highest level this week. A break above this price will point to more upside. It will likely happen once Bitcoin jumps to over $69,0000.
Contributors
