Meme Coin Dogwifhat (WIF) Surges 60% Amid Market Plunge

• Dogwifhat (WIF) token on Solana blockchain has surged over 60% in the last 24 hours.
• WIF is outperforming well-known cryptocurrencies.
• WIF’s sustainability compared to Dogecoin and Shiba Inu remains uncertain.

Amid a broader cryptocurrency comedown that has affected majors like Bitcoin and Ethereum, one meme coin has practically stolen the market spotlight.

The Dogwifhat (WIF) token, created less than two months ago on the Solana blockchain, has skyrocketed over 60% in just the last 24 hours. Its abrupt rise catapulted WIF to the top spot among the day’s best market performers, far outpacing well-known names.

Dogwifhat has recently exploded into the spotlight

Like popular meme predecessors Dogecoin and Shiba Inu before it, the animal-themed WIF phenomenon has spread like wildfire since its debut despite, or perhaps due to, its absurdity.

The WIF coin generated a passionate community that evangelized the token on social media. That grassroots momentum now has WIF eying its next critical resistance point.

After attaining an all-time high of around $0.48 upon securing a Binance listing in mid-January, WIF pulled back 60% in recent days amid broader crypto consolidation. However, the token found support at $0.21 before igniting huge gains once again.

WIF currently trades around $0.3482 as eager buyers pile back in, just shy of near-term resistance at $0.34. Analysts believe reclaiming that level could open doors to retesting last week’s historic highs.

Meme token mania tends to strike without warning or rational basis in risky environments. WIF seizing the market spotlight as majors recoil shows that phenomenon still occasionally emerges despite ominous macro conditions.

It remains anyone’s guess whether the Shiba Inu sporting a brown Derby hat can sustain meaningful relevance like Dogecoin. But for now, all eyes are glued to this retail-driven enigma as it continues trotting uphill against all odds.