dogwifhat (WIF) To $5? Bulls Ignite Amid Market Plunge

29 May, 2024 Updated 27 Aug, 2024

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.

Dogwifhat Whale Accumulations Soar; Is A WIF Price Breakout Ahead?

dogwifhat (WIF) has recorded bullish momentum in recent weeks trading above top meme coins. As meme coins consolidate on previous gains, WIF continues to soar with bulls anticipating new highs for the asset. The wider crypto ecosystem trades slightly downwards marking outflows of 0.48% which keeps the market capitalization at $2.56 trillion.

Meme coins remain in the green zone although sideways intra-day trading has stunted inflows. One thing remains visible in the minds of traders and investors; the rise of dogwifhat. While the upward trajectory points above $4, holders seek the bold move outpacing its all-time high.

New All-Time High For dogwifhat?

On March 31, dogwifhat hit an all high of $4.85 on the back of the market’s bull run recorded in Q1 2024. At press time, the asset trades at $3.79 over 2% up in the last 24 hours with surging market volumes. Its daily volumes hit $1.5 billion before a slight correction.

Most analysts point to increased short and long-term surges in price since its launch. This week, dogwifhat recorded a massive 28% growth and slightly over 40% in the last 30 days. This year, the meme coin has seen over 5514% rise in its price since its all-time low on Jan 8.

Despite the asset surge this month, it remains 22% below its all-time high. WIF holders on social media spaces continue to rally on a belief of sustained growth to breach the all-time high. The coming days will determine the asset’s direction as investors look to key metrics.

Meme Coins To Soar

The meme coin market continues to rebound with WIF although some assets saw mild outflows in the last 24 hours. Market leader Dogecoin (DOGE) is up 1.5% with similar weekly numbers. Shiba Inu (SHIB) has seen a larger number as it recorded 6.2% daily inflows. Weekly numbers for the asset stood above 8% as bulls sought to recover previous losses.

Among top meme coins, PEPE, FLOKI, and BONK stand in the red zone with 5.7%, 7.4%, and 6.9% respectively.

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.