This surprising rebound comes as breath of fresh air as market witnesses period of stagnation
In a surprising move, #dogwifhat ($WIF ), a meme coin on the Solana blockchain, has surged by over 5% despite a general slowdown on the broader cryptocurrency market. This surprising rebound comes as a breath of fresh air as the market witnesses a period of stagnation.
The #cryptocurrencymarket is currently experiencing a lull, with many major assets showing little to no movement. #bitcoin and Ethereum, the market leaders, have held steady in their price, setting the tone for other cryptocurrencies. Market performance remains mixed, with a handful of cryptocurrencies posting losses in a 24-hour time frame.
However, amid this market's lackluster action, Dogwifhat has managed to capture attention with its notable 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, prompting a flurry of crypto long position liquidations.
WIF/USD Daily Chart, Courtesy: TradingView
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.
#Memecoins🤑🤑 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 on X that indirectly alluded to Dogwifhat.
In a tweet, Novogratz enquired: "Anyone know where I can buy one of the hats from the dog? Perfect gift for someone I know." An X user responded "dogwifhatstore" to which Novogratz responded "Gracias."
As Dogwifhat continues to rise, it may encounter resistance around higher price points mainly at the daily SMA 50 at $2.94, particularly if the overall market sentiment does not change. As the scenario evolves, it remains unknown if Dogwifhat can maintain its momentum or if this surge is a temporary spike.