Solana Meme Coin Dogwifhat (WIF) Skyrockets 47%, What’s Behind Rally?

Tue, 27/02/2024 – 10:24

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Dogwifhat (WIF), a meme-inspired cryptocurrency based on the Solana blockchain, has increased by 47% in the last 24 hours, reaching a new all-time high of $0.571.

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At the time of writing, WIF was up 44.41% to $0.543. Solana’s “Shiba Inu” Dogwifhat price jump in the last 24 hours follows a 6% increase in the price of Bitcoin.

Bitcoin, the largest cryptocurrency by market value, reclaimed the $57,000 level for the first time since late 2021. Bitcoin’s price has climbed 32% since the beginning of the year, continuing a long-running rally that has encouraged speculative interest in altcoins.

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WIF/USDT Daily Chart, Courtesy: TradingView

SOL, the native token of Solana, where WIF finds its home, also mirrored the general market rally, rising 8% to trade at $111.43 at press time.

The overall market surge has sparked tremendous interest among traders, as evidenced by meme coin price increases.

According to CoinMarketCap data, the top meme tokens by market capitalization increased by 9.1% in the last 24 hours, reaching a total of $24.45 billion. Aside from Pepe, which had a 50% price increase, Dogwifhat led the 24-hour jump among meme currencies, rising 47%.

WIF’s 24-hour trading volume has increased by 210% to $119.6 million, matching its price surge.

What’s next?

Notably, WIF continued to increase over the weekend after hitting a low of $0.285 on Feb. 24. The bulls surged higher on a four-day run, surpassing the $0.531 barrier set on Jan. 18 and breaking WIF’s previous all-time high.

WIF’s price has entered uncharted territory after achieving new all-time highs, so where it goes next may be difficult to forecast. Logically, a sustained break above its current all-time high of $0.571 might push it into the $0.6 region.

On the other hand, WIF may seek intermediate support at the prior barrier of $0.47. 

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