Solana-based memecoin dogwifhat (WIF) is currently the best-performing cryptocurrency among the top 100 projects by market cap in the weekly charts. The asset has rallied by 13% in the weekly charts, 51.4% in the 14-day charts, and 36.3% over the previous month. WIF has faced a 3.5% correction in the last 24 hours, following the larger market trend.
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The crypto market witnessed a sudden increase in liquidations following the launch of the Ethereum (ETH) ETF. Many expected the markets to rally, similar to after the Bitcoin ETF launch earlier this year, but that was not the case. The liquidations may be due to fears around the Mt. Gox reimbursement plan. Investors may be expecting a sell-off after Mt. Gox clients receive their BTC holdings.
Will Solana-based WIF reach $3 this week?
According to the analysts at CoinCodex, WIF will breach the $3 mark next week, hitting $3.06 on Monday, July 29, 2024. The platform also anticipates the asset to hit a new all-time high next month, going as high as $8.70 on Aug. 22, 2024. Hitting $8.70 from current price levels would translate to a rally of about 242.5%.
Also Read: DogWifHat Or Floki Inu: Which Coin Is Hitting A New ATH This Week?
Changelly, on the other hand, is more bearish on the Solana-based memecoin. The platform anticipates WIF to trade at an average price of $0.2075 in August 2024. Reaching $0.2075 from current levels would translate to a dip of nearly 92%.
Given the current market correction, we may witness a price correction for WIF as well. There is also a possibility that investors will opt for memecoins while other mainstream assets bleed.