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The Dogwifhat price surged by 10% in the last 24 hours to trade at $0.3555 as of 4:50 a.m. EST, while the token’s trading volume jumped 23% to $101.1 million.
In the past week, the WIF price skyrocketed 369% for Dogwifhat to become the fifth-largest meme coin with a market cap of $360 million. The only larger meme coins are Pepe, Bonk, Shiba Inu, and Dogecoin.
The rising interest in Solana meme coin WIF was likely sparked by a recent airdrop conducted on the DappRadar’s website and by a mysterious “Binance insider” making an $8.8 million purchase.
Crazy!
A whale(binance-insider.sol) spent 86,738.1 $SOL($8.65M) to buy 17.22M $WIF at $0.5022 4 hours ago.
The whale calls himself a "binance insider" and seems to want to tell everyone that $WIF will be listed on #Binance. pic.twitter.com/ifdfNKG6LW
— Lookonchain (@lookonchain) January 11, 2024
Dogwifhat Price Prognosis
WIF price has seen a strong performance over the last week, but the question that traders and investors are asking now is — where will it go from here?
The token has just reached a new all-time high, and since then its price has seen a minor correction. However, it does not seem like Dogwifhat’s price has reached its upper limit as of yet.
Specific technical indicators suggest more room to grow, such as Bollinger bands, which remain pretty wide at the time of writing.
Another bullish signal comes from the token’s Relative Strength Index (RSI) level, currently at 63.67. While near the overbought territory, the RSI score has previously shown the capability of reaching a figure as high as 80.
This suggests that there is plenty of room left to grow, especially now that the eyes of the broader market are on the token and its performance.
WIF has seen a sharp price surge, usually followed by an equally strong correction. In other words, when it loses momentum, WIF will see a correction that will likely take it back down to one of the previous resistances, which now act as support.
The first line of defense that the token’s price has is the support at $0.30, although its price could potentially sink to $0.20. If this support fails, fails the next one sits at $0.10.
However, if the broader crypto market sees a recovery from the recent losses before WIF loses its momentum, the token could see the continuation of its surge, which might push it past the $0.4 mark.
Promising Alternative To Dogwifhat
While Dogwifhat is dominating the memecoin spotlight, forward-looking traders and investors seeking to capitalize on the next great opportunity might be interested in checking out another token — Sponge V2.
This is a new version of the original Sponge meme coin that went live in 2023, only to see a 100x pump.
Those who missed it can now participate in the token’s “second coming” and buy Sponge V2, which is expected to be even better and launch on more prominent and popular exchanges.
Attention, #SPONGERS! 🧽💦
We’re thrilled to announce that our liquidity is now locked! 🔐
With 4,270,902,045 tokens already staked valued at $3,497,953 with an impressive current 378% APY, $SPONGE is stronger than ever!
Visit our website to find out more! ⚡️#SpongeV2 #Web3 pic.twitter.com/1tYOhx3Lcb
— $SPONGE (@spongeoneth) January 8, 2024
Sponge V1 holders can stake their SPONGE to earn Sponge V2. As for those who do not yet own any SPONGE tokens, they can buy them in the Sponge V2 presale, which has already seen over $4.07 million raised.
The token is currently selling for $0.000819 and can be obtained in exchange for ETH or USDT. Alternatively, you can also buy it with your credit or debit card.
It should be noted that SPONGE V2 is not associated with Nickelodeon or their creation, SpongeBob SquarePants. The SpongeBob memes inspired it.
However, given the popularity and growth that meme coins have seen over the last several years, it represents an excellent opportunity for everyone seeking to benefit from new stars in this crypto world.
Visit Sponge V2 here.
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