Ever-growing, a Solana-based token Dogwifhat (WIF) led the meme currency surge on Wednesday, rising more than 25% overnight, while the broader crypto market continued to slow.
Within hours, the price of the WIF token shot up to $3.47 on Wednesday morning, before stabilizing at $3.32, moving Dogwifhat into the top 100 cryptocurrencies based on profitability.
Dogwifhat, which has been gaining popularity since its launch late last year, has quickly become a favorite among crypto investors, joining other canine-themed coins such as dogecoin (DOGE) and Shiba Inu ( SHIB).
Despite its origins as a meme featuring a puppy in a hat, Dogwifhat has ranked 44th in market capitalization, a testament to its growing influence in the crypto community.
The rise in the value of Dogwifhat can be attributed to many factors, such as its catchy mascot, its cultural significance, the cultural importance it gained, the overall craze of the crypto market, and this unique combination propelled Dogwifhat to the fore, and drawing attention from both crypto community and traditional investors.
Interestingly, Dogwifhat’s rise is supported by strong technical analysis. The token recently emerged from a cup hand chart, a bullish sign of a possible further uptrend.
Analysts suggest that if Dogwifhat maintains its momentum beyond the crucial $3.477 throat line, it could see another 25% gain, potentially reaching a high of $4.35. However, failure to maintain this level could indicate that traders are being cautious, which could lead to a fall towards the $2.9 resistance mark.
Dogwifhat’s unexpected rally exemplifies the dynamic and unpredictable nature of the crypto market, highlighting the potential for significant gains and losses within a short period.
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