Galaxy CEO Hints Dogwifhat Accumulation, WIF Price To Rally?

Coingapestaff
June 16, 2024 Updated July 11, 2025
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Dogwifhat Price Plummets As Open Interest Declines: Is It Time To Buy?

Highlights

  • Galaxy CEO Mike Novogratz hinted at Dogwifhat accumulation via a light-hearted post on X.
  • The WIF price rallied over 5% after the latest comment.
  • Technical indicators and analyst predictions signal a mixed sentiment for WIF.

In a recent post on the social media platform X, Galaxy Digital CEO Mike Novogratz teased his interest in Dogwifhat (WIF), a popular Solana meme coin. Moreover, the meme crypto community also showed renewed interest in Dogwifhat and the WIF price rallied over 5% thereafter. This uptick ended the recent downturn in the WIF price trajectory.

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Dogwifhat Attracts Attention From Industry Stalwarts

Novogratz intriguingly queried, “Anyone know where I can buy one of the hats from the dog? Perfect gift for someone I know.” This seemingly casual question has stirred speculation within the crypto community about a potential interest in the Dogwifhat meme coin.

Galaxy Digital, known for its collaboration with Invesco in issuing the BTCO Bitcoin ETF, has not officially commented on any involvement with Dogwifhat. However, Novogratz’s post on X has led many to believe that the company might be considering the meme coin for its investment portfolio.

Adding to the buzz, tech entrepreneur Elon Musk made an offhand remark about Dogwifhat during a livestream earlier this week. In the video that received massive traction on X, Musk was heard saying that he “knows Dogwifhat.”

Moreover, Musk’s casual mention quickly caught the attention of his extensive follower base on X, significantly influencing the coin’s market dynamics. His previous endorsements of cryptocurrencies like Dogecoin have historically led to substantial market shifts. Hence, the recent comment fueled speculation that Dogwifhat could see similar trends.

Dogwifhat, featuring a Shiba Inu adorned with a distinctive knitted beanie, saw an impressive rise earlier this year. However, since late May, it had been caught in a descending price channel, reflecting a consistent downward trend. Market analysts have been closely monitoring the coin as it approaches a crucial support level, with its future teetering between potential recovery and further decline.

Despite the latest rebound, technical indicators highlight a troubling outlook for Dogwifhat. The descending channel, marked by progressively lower highs and lows, suggests ongoing selling pressure. Since the end of May, the coin’s value has dropped by 30%, currently trading lower than the critical resistance level of $2.44.

Also Read: Top 3 Meme Coins to Buy As Bitcoin Under $65k Sparks Fresh Correction

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WIF Price Rebound To Continue?

Dogwifhat
Dogwifhat 24-Hour Price Chart, Source: Trading View

Over the past week, it has lost 14% of its value. Hence, this support level is pivotal since if the bulls fail to hold it, the price could fall further, possibly hitting a new low of $1.93. Further expediting the bearish sentiment is the Aroon Down indicator, a tool used to measure the strength of a downtrend.

The Aroon Down Line for Dogwifhat stands at a worrisome 100%, indicating a strong downtrend with recent low prices. Moreover, this suggests that selling pressure remains dominant, overshadowing any buying interest. On the contrary, despite these bearish indicators, there remains a flicker of hope for Dogwifhat’s supporters.

If the current support level holds, a rebound towards the resistance level at $2.70 could be possible. This would offer a temporary respite and an opportunity for the coin to potentially break free from its descending channel. However, if the support level is breached, it could trigger a loss of investor confidence, leading to a sharp decline in value.

Current sentiment around Dogwifhat is mixed. While technical analysis leans bearish, there are optimistic forecasts as well. Some analysts predict a significant price increase, projecting a 225% rise to $7.87 by mid-July 2024.

The Fear & Greed Index, which gauges market sentiment, shows a high greed level at 74, indicating potential overvaluation. Over the past 30 days, Dogwifhat has experienced 30% green days and a price volatility of 11.82%, highlighting substantial price swings.

In addition, the recent endorsement by Galaxy CEO Mike Novogratz and Elon Musk could lead to a sustained rally owing to the optimism spread throughout the community. At press time, the WIF price surged by 5.09% to $2.35 on Saturday, June 15 with a market cap of $2.34 billion.

Also Read: 4 Meme Coin Losers of the Week

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.