Dogwifhat (WIF) on the verge of a rally: Positive signal!
Dogwifhat (WIF), one of the popular names of memecoins, may be preparing for a new rise.
Dogwifhat has increased by 30 percent in the last week, but the number of investors in the same period increased by only 1.29 percent.
Popular memecoin $WIF has increased by 10 percent in the last 24 hours, reaching $2.20.
Memecoin market value has increased by 6.8 percent in the last 24 hours, reaching over $51 billion and returning to pre-August crash levels. Data from CoinGecko shows that Dogwifhat remains the fourth largest memecoin in the industry.
While memecoins like Dogecoin and Shiba Inu remain at the top in terms of market cap, Solana-based memecoins dominate the 30-day returns, with POPCAT and WIF showing monthly ROIs of 52.9% and 24.2%, respectively.
WIFâs current price rally is similar to the memecoin hype of early 2024. The Q1 rally was strongly represented by Dogwifhatâs 8,000% ROI in less than 3 months, which in turn fueled the rise of other memecoins like POPCAT, BRETT, and MEW.
Henrik Zeberg, Chief Macroeconomist at Swissblock, notes that WIF is currently âbreaking out of a long ABCDE consolidationâ and offers parabolic price targets through November 11, 2024. The chart below shows a huge range forming at $80 over the next six weeks, representing a 3526% increase from the current price.
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