The cryptocurrency market is experiencing quite a surge today. Bitcoin (BTC) climbed to a new all-time high of $111,544 on Thursday, May 22. The global crypto market cap has surged 2.6% to $3.63 trillion. Other assets seem to follow BTC’s upward momentum. Dogwifhat (WIF) has also joined the party. The memecoin is up 21.1% in the daily charts, 8% in the weekly charts, 86.4% in the 14-day charts, and 168% over the previous month. Despite the incredible breakout, WIF’s price is still down by 59.1% since late May 2024.
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Dogwifhat Follows Bitcoin’s Breakout
WIF’s rally is likely due to a surge in investor sentiment following BTC’s rise to a new peak. BTC’s rally, on the other hand, is likely due to increased institutional investments. BlackRock alone has purchased more than $3 billion worth of BTC since May 2.
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Other bullish developments include the GENIUS stablecoin regulation act moving forward. White House crypto and AI advisor, David Sacks, said stablecoins will unlock trillions for the US treasury. WIF and other assets may have benefited from the surge in investor confidence.
Here’s When The Memecoin Could Hit $3
According to CoinCodex’s estimates, Dogwifhat (WIF) may face a correction over the coming weeks. The platform anticipates the asset’s price to dip to $0.374724 on June 11. WIF’s price will face a 67.9% correction if it falls to $0.374724.
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There is also a chance that WIF will continue its rally over the next few weeks. The asset may reclaim the $3 mark if BTC continues its upward momentum. The memecoin may also experience a bullish leg if the Federal Reserve cuts interest rates. A rate cut may lead to investors making more risky investments as borrowing becomes easier. Such a development could trigger a market-wide rally.