After a strong start on September 4, when Dogwifhat gained 12%, the fourth-ranked meme coin market soon had to consolidate. Despite this, users are optimistic about the near future of WIF. Will the Dogwifhat price rise to $3.70?
Although Dogwifhat seemed to have a good start to the week, it soon had to give up most of its profits. On September 4, the initial increase was 12%, which has now dropped to 0.3%.
WIF price chart – Source: CoinMarketCap
Therefore, the WIF price is $1.53 and the market cap is $1.53 billion. This makes WIF the 49th largest coin in the cryptocurrency market and the 4th largest coin in the memecoin market.
The recent price action seems to have had a positive impact on the social metrics of this meme coin. The “Weighted Sentiment” indicator managed to rise, which is a clear bullish sign for the price of WIF.
Weighted sentiment on WIF is increasing – Source: Santiment
Additionally, there has been an increase in “social volume,” which suggests the project’s popularity is growing.
The question, however, is whether this increase in popularity will contribute to an increase in WIF prices and what WIF is worth.
WIF Price Prediction – How Much Is This Dog Crypto Meme Worth?
As social momentum builds, discussions have begun within the WIF community to move further toward the next resistance level of $1.97.
If the price can break above this level, a move to $2.80 is expected. From here, a move to $3.70 is even possible.
Despite this optimism, a move up to the first resistance level at $1.97 still seems to have a long way to go as the WIF price has recently fallen below all major EMAs and the MACD histogram is now also giving a sell signal.
Therefore, letting the bulls gain the upper hand seems to be a major challenge for the WIF market. Hence, there is a high probability that the WIF price will have to consolidate first before it can start a long-term upward move.
Fortunately, there are many other meme coins besides WIF that do have potential in the short term.
Recently, a number of new cryptocurrencies have emerged in the market that can generate considerable profits once listed on exchanges.
These memecoins bring unique utility to the cryptocurrency market, and therefore seem to guarantee a large group of interested investors that could propel these projects to greater heights.
