The cryptocurrency market is experiencing one of its most significant rallies in recent times. Dogwifhat (WIF) is following the latest market trend. The asset is among the best-performing cryptocurrencies right now. WIF’s price has risen 35.5% in the last 24 hours, 126.4% in the weekly charts, 86.9% in the 14-day charts, and 190.9% over the previous month. Despite the explosive rally, the memecoin’s price is still down 59.4% since May 2024. The asset could be on its way to breach the $2 mark next.
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Cryptocurrencies Experience Market-Wide Surge
Dogwifhat (WIF) is not the only crypto experiencing a surge today. The entire market has seen an upswing over the last few days. Bitcoin (BTC) is leading the market with its recent climb to $104,000. The original crypto is currently testing the $105,000 mark. There is a high probability that BTC will hit a new all-time high soon.
WIF and the larger market rally could be due to various bullish factors. There has been a surge in institutional investments in the crypto space. BlackRock alone has purchased billions of dollars worth of BTC over the last few days.
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The world’s largest asset manager will also participate in a crypto roundtable with the SEC. The move may have led to a boost in investor confidence.
Will Dogwifhat Hit $2 Next?
WIF’s price has to rally by 63.93% to hit the $2 mark. The asset hit an all-time high of $4.83 in March of last year. The memecoin’s price has fallen by 75.3% since its 2024 peak.
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According to CoinCodex, WIF will continue to rally over the coming days. The platform anticipates the memecoin to breach the $2 mark on May 26. CoinCodex further predicts WIF to trade at $4.17 on June 9.
