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

TL;DR

• WIF outperformed DOGE, SHIB, and many other well-known meme coins in terms of daily gains.
• While analysts predict further gains, WIF’s hourly RSI at 71 signals overbought conditions, suggesting a potential short-term pullback.

WIF on the Run

The cryptocurrency market registered a slight rebound in the past 24 hours, but dogwifhat (WIF) stole the show by becoming the best performer from the top 100 club.

Its price spiked by 17% within this timeframe, currently trading at just south of $1. WIF’s market capitalization surged to nearly $1 billion, surpassing FLOKI to become the eighth-largest meme coin. 

The asset’s impressive resurgence coincides with the rising WIF trading volume. The figure has exceeded $510 million in the last 24 hours, thus surpassing TRX ($440 million), ADA ($473 million), HYPE ($318 million), and many other leading altcoins. This suggests increased interest from investors.

WIF is a popular dog-themed meme coin based on the Solana blockchain. It went live at the end of 2023, and it traded at mere cents initially. A few months later, however, the token became one of crypto’s rock stars, with its price skyrocketing to an all-time high of almost $5 and a market capitalization beyond $4.5 billion.

Many major crypto exchanges, including Binance, Coinbase, and Kraken, have listed WIF in recent years, while notable industry figures like Arthur Hayes have publicly endorsed it.

The Next Targets?

Multiple analysts and market observers believe the price of the meme coin has much more room for growth. The X user Coinvo described the recent spike as a “classic break and retest” pattern, which is about to send the valuation “absolutely parabolic.” 

Sjuul also chipped in. He told his almost 500,000 followers on the social media platform that WIF’s current condition is “not looking bad,” suggesting that the price is preparing for a further surge above $1.45. 

However, investors should tread carefully due to the notorious volatility of meme coins in general. They should also keep an eye on WIF’s Relative Strength Index (RSI), whose ratio has risen to 71 on an hourly scale. This indicates that the token is overbought, which might be followed by a price pullback.