Solana’s Dogwifhat (WIF) Leads Meme Coin Rally with 50% Surge, Aiming For $3

The post Solana’s Dogwifhat (WIF) Leads Meme Coin Rally with 50% Surge, Aiming For $3 appeared first on Coinpedia Fintech News

Solana’s Dogwifhat (WIF) has seen a remarkable 50% surge in the last 24 hours, outperforming BONK and DOGE in the meme coin craze. The surge is driven by expectations of more exchange listings, propelling Dogwifhat to over $2 with a 129% increase in trading volume, reaching $1.3 billion. 

Breaking the $1 Barrier

Notably, Dogwifhat (WIF) has become the first major meme token to breach the $1 price threshold. Meanwhile, these Meme tokens typically have large circulating supplies, and until now, major meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) have not crossed the psychologically significant $1 mark.

WIF Bulls Keep Charging

The listing of WIF on the prominent exchange Binance likely fueled this surge, with the exchange recording $219 million in WIF trades on its first day. In the early hours of Wednesday’s trading, Dogwifhat surged above $2.24, catapulting its market cap to over $2 billion in just over three months since its inception.

Data from Santiment reveals that WIF’s daily trading volume on exchanges hit $489 million, underscoring the soaring demand for this memecoin. The momentum indicators, assessed on a 24-hour chart, currently show overbought conditions.

On the other hand, the uptrend in WIF’s Chaikin Money Flow (CMF) suggests sustained liquidity inflow into the spot market, potentially supporting the ongoing price rally in the short term, provided bullish sentiment persists.

$3 in the Next Few Days 

However, while examining WIF’s recent performance reveals substantial bullish momentum, marked by 20 positive candles in the last 30 days, constituting around 67% of the observed period. This consistent upward movement suggests growing investor confidence and interest in WIF. 

With substantial liquidity and a solid market cap, WIF appears well-supported for price movements. Yet, forecasting a rapid climb to $3 in the next few days demands cautious analysis.