- Dogwifhat (WIF) surged by over 56% this week, showing strong bullish trends
Solana memecoins outperformed Base memecoins, with Solana’s memecoin market cap at $9.02 billion
As a seasoned cryptocurrency analyst with over a decade of experience in the market, I’ve seen my fair share of memecoins and their price fluctuations. The recent surge of Dogwifhat (WIF) by over 56% in just one week has certainly piqued my interest.
Introduced in 2023, the memcoin Dogwifhat (WIF), which gained popularity through its dog theme, has recently drawn significant attention due to its impressive price increase.
WIF’s exponential surge
Based on CoinMarketCap’s data, WIF has experienced a significant surge of more than 56% in the past week. Furthermore, its daily chart indicates a bullish pattern with green candlesticks signaling a 3% increase within the last 24 hours.
To support this pattern, AMBCrypto examined technical signals such as the Relative Strength Index (RSI), which at the moment was showing an overbought status close to the 61-threshold.
If someone is new to this concept, they should know that a token often experiences a price correction or a change in trend direction once it reaches an overbought or oversold level.
With the Bollinger Bands expanding, it appeared that market volatility was heightened. In simpler terms, it seemed probable that bears could retake control from bulls in the near future.
Crypto community remains optimistic
Despite some apprehensions regarding a possible shift in direction, cryptocurrency experts remain hopeful about the future of WIF.
According to an X account- Dami-Defi,
“The price of $WIF has reclaimed its position above the accumulation zone, demonstrating significant resilience. Maintaining this support is essential for further growth. A strong weekly finish above this mark could fuel substantial gains for $WIF.”
Reiterating the same, Asad Saddique, Cryptonary’s CTO added,
In approximately 7 months, $WIF grew from a market cap of around $0 to over $4.9 billion. Despite facing five or six corrections with losses exceeding 70%, $WIF managed to maintain its position among the top “dog” coins by demonstrating resilience and solidifying its status as a leading player in this sector.
Saddique pointed out the current restricted availability of Bitcoin in the markets. He further suggested that if Bitcoin’s price exceeded $100,000, it might lead to a significant surge in retail demand for the cryptocurrency. In conclusion,…
“I strongly believe in the potential of a collection of cryptocurrencies related to dogs, and I anticipate that the coming 6-12 months will bring significant growth for this thematic category.”
Solana’s memecoin dominance
During this period, memcoins built on the Solana blockchain are surpassing the performance of their counterparts, which operate on other blocks like Ethereum‘s Base chain.
Based on data from CoinGecko, Solana’s memcoin market capitalization stood at a substantial $9.02 billion, marking a noteworthy increase of 10.6% in the preceding 24 hours. In contrast, Base memcoins had a comparatively smaller market cap of $1.82 billion.
The findings from AMBCrypto’s examination of Santiment’s data reinforced the prevailing trend. Specifically, it was observed that the Relative Strength Index (RSI) for BRETT, a memecoin built on the Base platform, was noticeably lower than that of WIF, a memecoin developed on Solana.
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2024-07-21 07:03