Will DogWifHat Soon Achieve New Heights? WIF Price Jumps 18%!
With a lightning 18% gain from last Friday's price, the Solana meme currency DogWifHat ($WIF) outperformed the other four major doge-themed meme currencies this week.
The token, which has a market valuation of $1.8 billion and ranks as the fourth biggest meme currency globally, gained 3.4% in the last day and is now trading at about $1.80.
In comparison, the market capitalization of the leading meme currency, Dogecoin ($DOGE), which stands at a whopping $15.4 billion, increased by a meager 0.3% in the last 24 hours and during the past seven days.
The DogWifHat ($WIF) Market Forecast
After two years of eleven straight rises, which brought US interest rates to their highest level in two decades, the Federal Reserve lowered interest rates by 50 basis points (0.5%) on Tuesday, and cryptocurrency has been generally appreciating since then.
Investors will go to greater risk-taking positions, like cryptocurrency, as a result of falling borrowing rates.
Coincident with the release of the news, the price of Bitcoin ($BTC), the leading cryptocurrency, has risen 9.3 percent from seven days earlier, trading at $63,420.
The $SOL coin, which represents DogWifHat's native chain Solana, increased in value by 13% week-over-week and is now trading at $149.
The price chart for DogWifHat shows that $WIF is moving reasonably cautiously after the crypto and stock meltdown of August 5th, when scared investors sold off their riskier assets.
The token's price has fluctuated between $1.40 and $1.95 since then, with a small margin of error. With the relative strength indicator (RSI) going below 50, which indicates sustained selling momentum, it appears like this trend will likely continue.
This bodes well for DogWifHat's rise this weekend, since it will likely settle down and remain stable until Monday.
