HomeMarket NewsThe Sizzling Rise of Dogwifhat: WIF's Ascendancy to $4 Billion Valuation

The Sizzling Rise of Dogwifhat: WIF’s Ascendancy to $4 Billion Valuation

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Race to the Top:

On March 30, 2024, Dogwifhat (WIF) soared to a record high of $4.67, solidifying its position as the 3rd-largest memecoin by market capitalization. The meteoric rise of WIF has left industry pundits wondering if the meme coin is headed for uncharted territories above $5 or if a bearish retreat to $3 could be in the cards.

WIF Beats PEPE in the Billion-Dollar Battle:

In the wild world of crypto memecoins, the month of March 2024 has been nothing short of a whirlwind. While memecoins like Shiba Inu (SHIB) and Book of Meme (BOME) have captured headlines with triple-digit gains, memes residing on the Solana network have stolen the show.

Amidst this frenzy, Dogwifhat (WIF) emerged victorious in a race to the $4 billion milestone against PEPE, as illustrated in Santiment’s market cap comparison chart.

Surpassing PEPE’s market capitalization at $4.3 billion, WIF has proven to be a force to be reckoned with in the meme coin realm. Notably, WIF, which was introduced just four months ago in December 2023, has outpaced the older PEPE, signaling the rapid growth of the Solana meme community.

With this latest surge, WIF now stands shoulder to shoulder with memecoin giants such as Shiba Inu (SHIB) and Dogecoin (DOGE), poised to attract significant capital inflows in the near future.

Setting Sights on the Big Leagues:

WIF’s spike to $4.70 on March 30 paves the way for a remarkable 480% gain by the end of March 2024. Analysis of the Relative Strength Index (RSI) 20-day moving average suggests that WIF’s bullish momentum could propel it past $5 in the weeks ahead.

The RSI 20-day MA currently hovers at 58, indicating ample room for further growth before reaching overbought levels. If traders interpret this as an entry signal, WIF may surge above $5, encroaching on the market share of DOGE and SHIB.

However, a potential market pullback could test the $4.01 support level crucial for the bullish camp. Breaching this psychological barrier, as indicated by the upper Bollinger band, might shift the momentum in favor of the bears.

Screen Shot 2024 03 30 at 11.28.27 PMDogwifhat (WIF) Beats PEPE to reach $4 billion market capitalization milestone | March 30, 2024 | Source: TradingView

This analysis was originally featured on FX Empire.

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The thoughts and opinions expressed in this publication are solely those of the author and do not necessarily mirror the views of Nasdaq, Inc.

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