Solana-based meme coin Dogwifhat (WIF) token has experienced a remarkable 57% surge in its price over the past week.

According to CoinMarketCap data, WIF was up 11% in the last 24 hours to $2.80 and has gained 57% in the last seven days. WIF has cemented its place among the top 50 crypto assets by market capitalization and now ranks as the 32nd largest crypto with a market value of $2.79 billion.

The exact reason for WIF's 57% gain remains unknown, but a combination of factors such as bullish sentiment and technical breakout might be likely.

Technically, WIF appeared to break out of what seems to be a "cup and handle" formation on its price chart, indicating a bullish trend.

WIF/USD Daily Chart, Courtesy: TradingView

The cup and handle technical pattern often indicates the continuation of an uptrend after a period of consolidation. The "cup" part of the formation depicts a rounded bottom, while the "handle" is a brief period of consolidation preceding a breakout.

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WIF has notably risen higher since forming a base at a low of $1.49 on July 11. Taken from this date, WIF has marked nine out of ten days in green, marking an uptrend. WIF reached highs of $3.11 in today's trading session before seemingly encountering resistance.

Meme coin bullish narrative boosts Dogwifhat

According to CoinGecko's recent Q2 Crypto Industry Report, meme coins dominated the most popular crypto narratives in Q2, 2024, accounting for 14.3% of the market.

According to CoinGecko, the most popular narratives in Q2, 2024, were meme coins, real-world assets (RWA) and artificial intelligence (AI), accounting for 35.7% of the market share. This was comparable to Q1, 2024. Meme coins dominated the ranking, with four of the top fifteen most popular crypto narratives involving meme coins.

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WIF seemed to be a major beneficiary of this positive sentiment surrounding meme coins, with a recent Forbes report highlighting it as one of the market's biggest gainers while outperforming Bitcoin (BTC).