Trending Meme Coin Dogwifhat (WIF) Surges 17% Daily: What’s Next?

TL;DR

• WIF outperformed DOGE, SHIB, and lots of different well-known meme cash when it comes to every day positive aspects.
• Whereas analysts predict additional positive aspects, WIF’s hourly RSI at 71 indicators overbought circumstances, suggesting a possible short-term pullback.

WIF on the Run

The cryptocurrency market registered a slight rebound prior to now 24 hours, however dogwifhat (WIF) stole the present by changing into one of the best performer from the highest 100 membership.

Its worth spiked by 17% inside this timeframe, at present buying and selling at simply south of $1. WIF’s market capitalization surged to almost $1 billion, surpassing FLOKI to turn into the eighth-largest meme coin. 

The asset’s spectacular resurgence coincides with the rising WIF buying and selling quantity. The determine has exceeded $510 million within the final 24 hours, thus surpassing TRX ($440 million), ADA ($473 million), HYPE ($318 million), and lots of different main altcoins. This suggests elevated curiosity from traders.

WIF is a well-liked dog-themed meme coin based mostly on the Solana blockchain. It went stay on the finish of 2023, and it traded at mere cents initially. A couple of months later, nonetheless, the token turned one in every of crypto’s rock stars, with its worth skyrocketing to an all-time excessive of just about $5 and a market capitalization past $4.5 billion.

Many main crypto exchanges, together with Binance, Coinbase, and Kraken, have listed WIF in recent times, whereas notable trade figures like Arthur Hayes have publicly endorsed it.

The Subsequent Targets?

A number of analysts and market observers imagine the value of the meme coin has far more room for progress. The X person Coinvo described the latest spike as a “traditional break and retest” sample, which is about to ship the valuation “completely parabolic.” 

Sjuul additionally chipped in. He told his virtually 500,000 followers on the social media platform that WIF’s present situation is “not wanting dangerous,” suggesting that the value is getting ready for an additional surge above $1.45. 

Nonetheless, traders ought to tread fastidiously as a result of infamous volatility of meme cash generally. They need to additionally control WIF’s Relative Power Index (RSI), whose ratio has risen to 71 on an hourly scale. This signifies that the token is overbought, which is perhaps adopted by a worth pullback.