Dogwifhat (WIF), a Solana-based meme token, has experienced significant growth over the past month. WIF’s market cap has surpassed $2.3 billion, securing a position among the top 100 cryptocurrencies.
The token’s price reached an all-time high of $2.48 on March 10 before retreating due to profit-taking. Despite this pullback, WIF has seen a 723% increase over the past 30 days.
In the last 24 hours alone, WIF has surged almost 25% from a 24-hour low of $1.83. WIF is trading at $2.37 at press time, according to CoinGecko data.
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The rise of Dogwifhat can be attributed to several factors. This includes the popularity of meme coins among retail investors, the influx of liquidity into altcoins, and the project’s plans for real-world utility.
Can Dogwifhat hit $5?
Speculation regarding Dogwifhat’s potential to reach $5 is ongoing. For the token to achieve this milestone, it would need to rise by 110% from its current level. This also means that WIF would enter the top 50 cryptocurrencies. While this is a challenging task, the token’s recent vertical trajectory suggests that it may not be entirely impossible.
However, concerns have been raised about the sustainability of Dogwifhat’s growth, given its reliance on speculation rather than tangible fundamentals at this early stage. Some analysts have highlighted overextended technical indicators, such as the daily RSI near 90 and unsustainable vertical parabolas on price charts.
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The likelihood of Dogwifhat reaching $5 will depend on various factors, including overall market conditions and the continued enthusiasm of traders and investors amidst the ongoing frenzy surrounding the token.
However, with the renewed enthusiasm regarding meme coins rising, trending meme coins like WIF, BONK, PEPE and others could likely outperform SHIB and DOGE.