- The memecoin market has shown signs of recovery, raising the prospect of a new meme season.
- As of now, dogwifhat is performing exceptionally well. The token is sharing the spotlight with Dogecoin and Floki in terms of the highest gains over the past day.
- The optimism exhibited that the WIF price movement could be on the verge of skyrocketing.
dogwifhat (WIF) is a well-known meme coin on the Solana network. It appears poised for a significant rally. The recent price movements have indicated potential upward momentum in the days ahead.
The WIF price has attracted considerable investor interest after nearing the $3 mark for the first time in several months. Many are closely monitoring for signs of an extended upward trend.
This week, the memecoin market experienced a notable rebound. It was primarily driven by Bitcoin’s surge past the $70,000 threshold. This has sparked speculation about the possibility of a new memecoin season.
After months of declining values, the WIF price and Dogecoin have posted impressive gains. That signaled a resurgence in investor enthusiasm.
WIF crypto has shown substantial upward movement, keeping pace with Dogecoin. It jumped nearly 16% in a single day and outperformed other major memecoins, according to CoinMarketCap.
Floki also saw a 12% increase in price. This suggested it might ride the wave of Dogecoin’s momentum. That could set the stage for a potentially explosive phase for high-cap memecoins.
Currently ranked 34th by market capitalization, the WIF price was trading at $2.63. It reflected a 9% increase for the week, bringing its market cap to about $2.62 Billion.
Some investors remain cautiously optimistic. However, they are positioning themselves for what could be a protracted bull phase in the memecoin market.
On-Chain Exhibits Bullish For WIF Price
On-chain data bolstered WIF crypto‘s optimistic outlook. According to CoinGlass, WIF’s current long/short ratio stood at 0.966. It reflected heightened bullish sentiment among traders.
Moreover, open interest has risen by 4.5% in the past 24 hours. This signaled a surge in trading activity, with a total of $447.50 Million in new positions being established.
The combination of these positive metrics and technical analysis indicated that buyers currently control the asset. The OI-weighted funding rate further supported the ongoing bullish sentiment at 0.0080%.
Liquidation data revealed a significant increase in short liquidations at $726.39K. At the same time, long liquidations were comparatively lower at $508.86K.
The WIF Price On the Weekly Timeframe is Bullish
Recently, traders and investors have found the WIF price movements particularly intriguing. The coin successfully broke out of a bullish flag pattern on its weekly chart. It has held above a key support level, indicating the potential for a rally.
Suppose the current memecoin trend gains traction, WIF might exceed its $5 target. Some analysts suggested it could reach $10 by the end of 2024.
However, further WIF price increases will depend on whether a broader “meme season” unfolds, though experts warn that market dynamics could shift.
WIF could gain momentum if current trends persist as its technical indicators appear favorable. Many traders expect a fresh influx of capital to drive WIF and other leading memecoins to new heights. It establishes a more robust price foundation than seen in previous rallies.
WIF price is currently priced near $3. There’s optimism that renewed market momentum could push it above $5. It could potentially reach $10 if the upward trend continues.
This situation also underscored the likelihood of Solana rising alongside WIF. The platform’s token tends to mirror the price movements of popular memecoins.
dogwifhat price prediction: Why Is the WIF Price Poised To Explode?
The current activity in the broader memecoin market reveals an intriguing aspect of crypto liquidity. After a prolonged period of minimal new capital inflows, large-cap memecoins have reached market caps in the billions.
Some observers believe that fresh liquidity may soon flow into the crypto space. It could potentially ignite a stronger memecoin rally. Analysts pointed to a pattern last seen in the lead-up to Bitcoin’s surge to $74,000. During which memecoins attracted massive interest.
That rally saw the rise of big names like WIF, Bonk, and Pepe. It was fueled by increased significant attention due to a surge in liquidity and investor excitement.
As Bitcoin’s price stabilized around $74,000, memecoin trading activity slowed as traders opted for the sidelines. This pause led to a cooling-off period for WIF, Pepe, and Bonk, during which they consolidated.
However, with Bitcoin maintaining a steady position above $70,000, many viewed the lows from August as a reset. By September, the market began an uptrend. This prompted savvy investors to re-enter the memecoin space in anticipation of new highs.
WIF crypto price saw a notable recovery, nearing $3. Although, this resurgence was interpreted as a result of capital returning to the memecoins rather than fresh inflows.
With Bitcoin surpassing the $72,000 and aiming to reach the $74,000 level, the conditions appear ripe for another substantial rally.
Bitcoin’s dominance remains strong, bolstered by favorable macroeconomic factors and ongoing buying interest. Analysts suggested that if Bitcoin breaks above $74,000, memecoins like WIF, Bonk, and Pepe could experience significant gains.
Some market participants believe this setup could herald a similar wave of gains for smaller and mid-cap memecoins. Despite the high levels of optimism, analysts advise traders to exercise caution. They should establish clear price targets and disciplined exit strategies.
As WIF crypto and others exhibit promising signs, the memecoin market is likely to continue evolving. If Bitcoin surpasses critical levels, memecoins may embark on another extended period of price appreciation. It has set the stage for a bullish phase into 2024.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
