Memecoins
Solana Meme Coin Dogwifhat (WIF) Skyrockets 5% Amid Market Lull
Tomiwabold Olajide
This surprising rebound is a breath of fresh air as the market experiences a period of stagnation.
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In a surprising gesture, Dog Hat (WIF), a meme coin on the Solana blockchain, surged more than 5% despite a general slowdown in the broader cryptocurrency market. This surprising rebound is a breath of fresh air while the market is experiencing a period of stagnation.
The cryptocurrency market is currently experiencing a lull, with many major assets showing little to no movement. Bitcoin and Ethereum, the market leaders, have kept their prices stable, setting the tone for other cryptocurrencies. Market performance remains mixed, with a handful of cryptocurrencies posting losses over a 24-hour period.
However, amidst the lackluster action in this market, Dogwifhat managed to grab some attention with its notable price hike.
WIF has been steadily climbing since hitting a low of $2.20 during Friday’s market decline, which saw Bitcoin fall to its lowest price in nearly a month, causing a surge liquidations of long crypto positions.
WIF/USD daily chart, courtesy of: TradingView
At the time of writing, Dogwifhat was extending its rebound, up 5.16% over the past 24 hours to $2.53, after hitting an intraday high of $2.55. If the day ends in the green, WIF could mark its second consecutive day of gains. Solana Meme Coin Currently Ranks #1 41st largest cryptocurrency with a market valuation of $2.52 billion.
Meme coins 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, indirectly alluding to Dogwifhat.
In a tweet, Novogratz asked: “Anyone know where I can buy one of the dog’s hats? Perfect gift for someone I know.” User X replied “dogwifhatstore”, to which Novogratz replied “Gracias”.
As dog hat continues to rise, it may encounter resistance around higher price levels, primarily at the daily 50 SMA at $2.94, particularly if overall market sentiment does not change. As the scenario evolves, it is still unclear whether Dogwifhat can maintain its momentum or if this surge is a temporary spike.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.