The Dogwifhat Token Has Exploded 1,400% So Far in 2024 — Still a ‘Buy’?
Trending
The Dogwifhat Token Has Exploded 1,400% So Far This Year
NOIDA (CoinChapter.com) — The Dogwifhat (WIF) token is a canine-themed memecoin, a Shiba Inu wearing a knitted beanie, and was inspired by Dogecoin. It has had a very bullish 2024, with the token’s price rallying to a new ATH on March 6.
WIF’s price action in 2024 saw the token rally more than 1,410% YTD to reach a daily high near $2.27 on March 6, marking a new ATH for Dogwifhat.
Bitcoin’s rally in 2024, fueled by increased demand from spot Bitcoin ETFs, made the general crypto market sentiment bullish, allowing fringe tokens like WIF to register massive gains.
Traders who missed booking profits through other tokens have invested in small-cap crypto assets like memecoins, pumping demand to increase gains. But is it the right time to buy some WIF tokens?
WIF Gears Up For Massive Correction
The short answer: No.
WIF prices have been on a bull run since Jan. 2024, charting higher highs. As a result, the token’s price action has painted a technical pattern called the ‘ascending channel.‘
Traders consider the pattern bullish, with the rising parallel trendlines connecting higher highs and higher lows, signifying bullish market sentiment. However, the WIF price is testing the pattern’s upper trendline resistance.
