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Dogwifhat (WIF) jumps 57%, now ranks 32nd by market cap.
Dogwifhat, a meme coin based on the Solana blockchain, gained wide publicity recently with its 57% price surge in one week. It surged after some consolidation and placed WIF all across the board of the cryptocurrency market.
According to CoinMarketCap data, WIF has had a steep uptrend, trading to $2.80 in the last 24 hours, a 11% increase from yesterday. The coin has moved without much turbulence and started as low as $1.49 on July 11, tending parabolically within the week. WIF’s market capitalization is roughly $2.79 billion and currently remains at 32 by market value.
Technical Breakout and Market Sentiment Drive Dogwifhat’s Recent Surge
It’s hard to say exactly what WIF’s catalysts are in this recent ascent. At the same time, however, it is also riding positive market sentiment, possibly coupled with a technical breakout. Technical analysis shows WIF has recently broken out of a “cup and handle” pattern on its price chart. The formation usually signifies bulls are taking over the trend, where the “cup” represents a rounded bottom and the “handle” indicates that right before a breakout, there will be a short consolidation period.
WIF has enjoyed quite a climb since reaching the low of $1.49; the coin spent nine out of ten days in the green. It hit today’s peak at $3.11 but had some selling pressure from there at these higher values.
According to CoinGecko in its Q2 Crypto Industry Report, recently, memecoins like Dogwifhat have shown their potential. According to the report, during the second quarter of 2024, meme coins dominated the cryptocurrency space by occupying a massive 14.3 percent of the market share. Besides the meme coins, other significant trends were real-world assets and artificial intelligence, while all three categories combined took up 35.7% of the market share.
Meme Coin Resurgence Continues
This resurgence in meme coin fame syncs with the general market sentiment over the past few months. As provided to CoinGecko, data showed that meme coins are indeed here for the long run, as most of the top fifteen crypto narratives related to phenomena involving such meme coins for Q2. Reports have been conducted to point this out, including a recent analysis from Forbes, pegging WIF as one of the standouts within the market:.
WIF has done particularly well when compared with established cryptocurrencies like Bitcoin.
The outstanding performance of Dogwifhat and the other meme coins acts as evidence for their ever-present interest in these kinds of assets, driven by community enthusiasm and, not in the smallest part, some speculative trading. That said, their affect does not appear to wane with the shifting sands of time within this young cryptocurrency market; recently, WIF gains have spelled broad potential returns within this segment.
With the ever-shifting market, all eyes would be on meme coins and new trends. For now, Dogwifhat’s surge has served as a reminder that, at times, this is an unpredictable cryptocurrency market.
