Dogwifhat What? Memecoin Barges Into 86th Spot With 320% Rally Whats Going On?
The strong ascent of Dogwifhat (WIF) has made it stand out among cryptocurrencies and captivated investors. Crypto markets are gearing up for the first weekend of the month, and memecoins in particular are showing strong signs of positive momentum.
Amidst the increased hope, the meme coin based on Solana experienced an incredible 320% rally last week, propelling WIF to the top 100 cryptos from a valuation of $1 billion or more. However, why has this ascent been so rapid?
Dogwifhats Rise: Bulls In Action
At the time of writing, the price of Dogwifhat had increased 35% to $1.20, and its trading volume had surged 75% to $388 million. Over the past day, the value of one WIF token has fluctuated between $0.83 and $1.32.
Withstanding sufficient bullish and bearish pressures, WIF has been trading within an ascending parallel channel since its debut. In spite of this, bulls should be prepared to fight fiercely against any bearish pressures that may arise.
As a result, we anticipate that the WIF price will first reach $1.5 after continuing its upward consolidation along the parallel channels upper resistance. If the bulls keep on their momentum, getting to $2 might not be too difficult for dogwifhat pricing.
Robinhood Europes IPO of the WIF token occurred at the same time as Dogwifhats stratospheric ascent in the cryptocurrency hierarchy. European customers of Robinhood can now trade WIF in addition to a plethora of well-established tokens, such as XRP, Cosmos, and Polkadot.
The fucking hat stays on.
Who is $WIF me? pic.twitter.com/Cq0eNp6JTp
Arthur Hayes (@CryptoHayes) March 1, 2024
The anticipation for the Robinhood listing was reaching a peak, and former BitMEX CEO Arthur Hayes was among the many who took to social media to voice their opinions.
X influencer OSF has fueled rumors that other major exchanges like Coinbase, Binance, or Gemini may soon join Robinhood in listing Dogwifhat, which is a huge deal for everyone.
Honestly mental that $WIF is about to hit $1bn market cap and still isnt listed by @coinbase, @Gemini or @binance. pic.twitter.com/Jk0gpWy5ME
OSF (@osf_rekt) March 1, 2024
Whale Confidence Boosts Dogwifhats Surge
Separately, Lookonchain, an on-chain data source, uncovered substantial whale activity in the WIF area. A large investor recently bought more over 673,000 WIF tokens at $1.36 each after withdrawing around $918,000 worth of Solana from Binance.
Also, this whale has clearly seen the potential in WIF; he has spent $2 million to buy 2.82 million tokens at $0.71 each, demonstrating his faith in the project. This whales activities, which resulted in an unrealized profit of almost $1.35 million, add to the positive attitude around dogwifhat (WIF) and its prospects for significant gains in the coming months.
Featured image from Pexels, chart from TradingView
Text source: NewsBTC
