Solana-based meme coin dogwifhat (WIF) is currently the best-performing cryptocurrency among the top 100 projects by market cap in the daily charts, rallying 19.6% in the last 24 hours.
Despite the latest rally, WIF continues to glow red in the other time frames. The asset is down by 27.5% in the weekly charts and 35.1% over the previous month.
Performance of WIF and SOL
Also Read: DogWifhat (WIF), BONK & Pepe Price Prediction For August 2024
WIF is flowed by Solana (SOL) on the 24-hour chart, which has rallied by 6.8%. SOL is currently the best-performing crypto among the top 10 projects by market cap.
Reasons Behind WIF’s Rally
dogwifhat’s (WIF) latest rally could be due to a confidence boost in Solana (SOL), given that the memecoin is on the SOL network. The Solana/Ethereum ratio hit an all-time high of 0.0595 on Aug. 6, 2024.
Will WIF continue to rally?
Memecoins’ Performance in 2024
Memecoins have had a terrific year in 2024. Popular meme-based cryptocurrencies, such as Pepe (PEPE), Bonk (BONK), and Popcat (POPCAT), have witnessed incredible growth. Investors may have opted for meme coins when significant crypto assets were down.
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WIF’s Future Predictions
CoinCodex data suggests that WIF will continue to rally throughout this month. The platform anticipates the Solana-based meme coin hitting a maximum price of $4.13 this month, a rise of about 149% from current levels.
The platform also predicts the asset will surpass its all-time high of $4.83 on Sept. 3, 2024, reaching $5.13. Reaching $5.13 from current price levels would translate to a growth of about 209%.
Potential Risks and Market Outlook
Given the cryptocurrency market’s bearish outlook, WIF may also face a price correction or consolidation over the next few days. If the market shows signs of a recovery, the meme coin may continue to rally, hitting its predicted target.