The sturdy ascent of Dogwifhat (WIF) has made it stand out amongst cryptocurrencies and captivated traders. Crypto markets are gearing up for the primary weekend of the month, and memecoins particularly are exhibiting sturdy indicators of optimistic momentum.
Amidst the elevated hope, the meme coin based mostly on Solana skilled an unimaginable 320% rally final week, propelling WIF to the highest 100 cryptos from a valuation of $1 billion or extra. Nevertheless, why has this ascent been so speedy?
Dogwifhat’s Rise: Bulls In Motion
On the time of writing, the value of Dogwifhat had elevated 35% to $1.20, and its buying and selling quantity had surged 75% to $388 million. Over the previous day, the worth of 1 WIF token has fluctuated between $0.83 and $1.32.
Withstanding ample bullish and bearish pressures, WIF has been buying and selling inside an ascending parallel channel since its debut. Despite this, bulls needs to be ready to battle fiercely towards any bearish pressures that will come up.
Bitcoin is now buying and selling at $61.921. Chart: TradingView.com
In consequence, we anticipate that the WIF value will first attain $1.5 after persevering with its upward consolidation alongside the parallel channel’s higher resistance. If the bulls carry on their momentum, attending to $2 won’t be too troublesome for dogwifhat pricing.
Robinhood Europe’s IPO of the WIF token occurred concurrently Dogwifhat’s stratospheric ascent within the cryptocurrency hierarchy. European prospects of Robinhood can now commerce WIF along with a plethora of well-established tokens, resembling XRP, Cosmos, and Polkadot.
The fucking hat stays on.
Who’s $WIF me? pic.twitter.com/Cq0eNp6JTp
— Arthur Hayes (@CryptoHayes) March 1, 2024
The anticipation for the Robinhood itemizing was reaching a peak, and former BitMEX CEO Arthur Hayes was among the many many who took to social media to voice their opinions.
X influencer “OSF” has fueled rumors that different main exchanges like Coinbase, Binance, or Gemini might quickly be a part of Robinhood in itemizing Dogwifhat, which is a large deal for everybody.
Actually psychological that $WIF is about to hit $1bn market cap and nonetheless isn’t listed by @coinbase, @Gemini or @binance. pic.twitter.com/Jk0gpWy5ME
— OSF (@osf_rekt) March 1, 2024
Whale Confidence Boosts Dogwifhat’s Surge
Individually, Lookonchain, an on-chain information supply, uncovered substantial whale exercise within the WIF space. A big investor not too long ago purchased extra over 673,000 WIF tokens at $1.36 every after withdrawing round $918,000 price of Solana from Binance.
Additionally, this whale has clearly seen the potential in WIF; he has spent $2 million to purchase 2.82 million tokens at $0.71 every, demonstrating his religion within the challenge. This whale’s actions, which resulted in an unrealized revenue of just about $1.35 million, add to the optimistic perspective round dogwifhat (WIF) and its prospects for important positive aspects within the coming months.
Featured picture from Pexels, chart from TradingView
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