Dogwifhat What? Memecoin Barges Into 86th Spot With 320% Rally – What’s Going On?
March 02 2024 - 7:00AM
NEWSBTC
The strong ascent of Dogwifhat (WIF) has made it stand out among
cryptocurrencies and captivated investors. Crypto markets are
gearing up for the first weekend of the month, and memecoins in
particular are showing strong signs of positive momentum. Related
Reading: Bitcoin Ascent To $64,000 Causes Coinbase To Crash –
Here’s What Happened Amidst the increased hope, the meme coin based
on Solana experienced an incredible 320% rally last week,
propelling WIF to the top 100 cryptos from a valuation of $1
billion or more. However, why has this ascent been so rapid?
Dogwifhat’s Rise: Bulls In Action At the time of writing, the price
of Dogwifhat had increased 35% to $1.20, and its trading volume had
surged 75% to $388 million. Over the past day, the value of one WIF
token has fluctuated between $0.83 and $1.32. Withstanding
sufficient bullish and bearish pressures, WIF has been trading
within an ascending parallel channel since its debut. In spite of
this, bulls should be prepared to fight fiercely against any
bearish pressures that may arise. Bitcoin is now trading at
$61.921. Chart: TradingView.com As a result, we anticipate that the
WIF price will first reach $1.5 after continuing its upward
consolidation along the parallel channel’s upper resistance. If the
bulls keep on their momentum, getting to $2 might not be too
difficult for dogwifhat pricing. Robinhood Europe’s IPO of the WIF
token occurred at the same time as Dogwifhat’s stratospheric ascent
in the cryptocurrency hierarchy. European customers of Robinhood
can now trade WIF in addition to a plethora of well-established
tokens, such as XRP, Cosmos, and Polkadot. The fucking hat stays
on. Who is $WIF me? pic.twitter.com/Cq0eNp6JTp — Arthur Hayes
(@CryptoHayes) March 1, 2024 The anticipation for the Robinhood
listing was reaching a peak, and former BitMEX CEO Arthur Hayes was
among the many who took to social media to voice their opinions. X
influencer “OSF” has fueled rumors that other major exchanges like
Coinbase, Binance, or Gemini may soon join Robinhood in listing
Dogwifhat, which is a huge deal for everyone. Honestly mental that
$WIF is about to hit $1bn market cap and still isn’t listed by
@coinbase, @Gemini or @binance. pic.twitter.com/Jk0gpWy5ME — OSF
(@osf_rekt) March 1, 2024 Whale Confidence Boosts Dogwifhat’s Surge
Separately, Lookonchain, an on-chain data source, uncovered
substantial whale activity in the WIF area. A large investor
recently bought more over 673,000 WIF tokens at $1.36 each after
withdrawing around $918,000 worth of Solana from Binance. Related
Reading: BNB Barrels Past $400, As Binance TVL Nears $5 Billion –
Details Also, this whale has clearly seen the potential in WIF; he
has spent $2 million to buy 2.82 million tokens at $0.71 each,
demonstrating his faith in the project. This whale’s activities,
which resulted in an unrealized profit of almost $1.35 million, add
to the positive attitude around dogwifhat (WIF) and its prospects
for significant gains in the coming months. Featured image from
Pexels, chart from TradingView
Polkadot (COIN:DOTUSD)
Historical Stock Chart
From May 2024 to Jun 2024
Polkadot (COIN:DOTUSD)
Historical Stock Chart
From Jun 2023 to Jun 2024