Solana blockchain meme coin, Dogwifhat (WIF/USD), has experienced a remarkable surge, rising by 50% in just three days. This significant growth has outperformed other popular meme cryptocurrencies such as Dogecoin (DOGE/USD) and Shiba Inu (SHIB/USD).
The recent rebound in Dogwifhat’s price can be attributed to its recovery from a local bottom around $0.17 to its current trading price of approximately $0.25, as reported by Coingecko. The surge in trading volumes, which have expanded by 72%, reflects the growing interest among traders in this particular token.
Furthermore, Bitfinex, a prominent centralized cryptocurrency exchange, recently announced the listing of WIF, with deposits open since February 7, 2024, and withdrawals available from February 9. This listing on a major exchange has undoubtedly contributed to the positive sentiment surrounding Dogwifhat.
Solana, the blockchain platform on which Dogwifhat operates, has also experienced a 6.4% increase in value over the week and is currently trading at around $105. This rise in Solana’s price has further bolstered the perception that Dogwifhat could potentially challenge and surpass the popularity of Dogecoin, often referred to as the “Dogecoin killer.”
The excitement surrounding Dogwifhat began to buzz after a viral video showcased a Wall Street bronze bull wearing a hat that read “S—coin.” This video garnered significant attention within the crypto community, and analysts such as MacroCRG have expressed optimism about the coin’s future, expecting further upside potential.
One analyst, Cactus Capital, even described the act of putting a hat on a dog as one of the most significant innovations in the cryptocurrency realm in recent years. This sentiment was echoed by a Twitter user who suggested that if the dog still wears a hat, it might be a good time to buy more, and if not, selling should be considered.
Technical analyst Web3Quant has also predicted that Dogwifhat is on the verge of a significant price surge and has drawn parallels to the “Bonk” playbook, referring to the BONK/USD meme coin.
However, whether Dogwifhat will achieve mainstream success or mirror the accomplishments of Dogecoin and Shiba Inu remains to be seen. Nonetheless, traders have already capitalized on the token’s rapid growth, making substantial profits not only from Dogwifhat but also from other meme coins.
In conclusion, the recent surge in Dogwifhat’s value has caught the attention of the crypto community. With its remarkable growth and positive sentiment, this meme coin has the potential to challenge established meme cryptocurrencies and make a name for itself in the ever-evolving world of digital assets.
