According to U.Today, Dogwifhat (WIF), a meme coin on the Solana blockchain, has seen a surprising surge of over 5% despite a general slowdown in the broader cryptocurrency market. This unexpected rebound comes during a period of stagnation in the market, providing a refreshing change. The cryptocurrency market is currently in a lull, with many major assets showing little to no movement. Market leaders Bitcoin and Ethereum have maintained their prices, setting the tone for other cryptocurrencies. The market performance remains mixed, with some cryptocurrencies posting losses over a 24-hour period.
Despite the lackluster action in the market, Dogwifhat has managed to draw attention with its significant price increase. WIF has been steadily climbing since hitting a low of $2.20 in Friday's market decline, which saw Bitcoin fall to its lowest price in nearly a month. At the time of writing, Dogwifhat was extending its rebound, up 5.16% in the last 24 hours to $2.53, having hit intraday highs of $2.55. If today closes in the green, WIF might mark its second consecutive day of gains. The Solana meme coin currently ranks as the 41st largest cryptocurrency with a market valuation of $2.52 billion.
Meme coins often experience volatility based on news and hype cycles. Dogwifhat's surprising rebound might have been aided by a recent memetic statement made by Galaxy Digital CEO Mike Novogratz that indirectly alluded to Dogwifhat. In a tweet, Novogratz asked where he could buy one of the hats from the dog, a perfect gift for someone he knows. An X user responded with 'dogwifhatstore', to which Novogratz responded 'Gracias.' As Dogwifhat continues to rise, it may encounter resistance around higher price points, particularly at the daily SMA 50 at $2.94, especially if the overall market sentiment does not change. It remains to be seen if Dogwifhat can maintain its momentum or if this surge is a temporary spike.
