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Solana Meme Coin Dogwifhat (WIF) Skyrockets 5% Amid Market Lull

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Sun, 16/06/2024 - 12:11
Solana Meme Coin Dogwifhat (WIF) Skyrockets 5% Amid Market Lull
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In a surprising move, Dogwifhat (WIF), a meme coin on the Solana blockchain, has surged by over 5% despite a general slowdown on the broader cryptocurrency market. This surprising rebound comes as a breath of fresh air as the market witnesses a period of stagnation.

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The cryptocurrency market is currently experiencing a lull, with many major assets showing little to no movement. Bitcoin and Ethereum, the market leaders, have held steady in their price, setting the tone for other cryptocurrencies. Market performance remains mixed, with a handful of cryptocurrencies posting losses in a 24-hour time frame.

However, amid this market's lackluster action, Dogwifhat has managed to capture attention with its notable price increase.

WIF has been steadily climbing since hitting a low of $2.20 in Friday's market decline, which saw Bitcoin fall to its lowest price in nearly a month, prompting a flurry of crypto long position liquidations.

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WIF/USD Daily Chart, Courtesy: TradingView

At the time of writing, Dogwifhat was extending its rebound, up 5.16% in the last 24 hours to $2.53, having hit intraday highs of $2.55. If today closes in the green, WIF might mark its second consecutive day of gains. The Solana meme coin currently ranks as the 41st largest cryptocurrency with a market valuation of $2.52 billion.

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Meme coins often experience volatility based on news and hype cycles; Dogwifhat's surprising rebound might have been aided by a recent memetic statement made by Galaxy Digital CEO Mike Novogratz on X that indirectly alluded to Dogwifhat.

In a tweet, Novogratz enquired: "Anyone know where I can buy one of the hats from the dog? Perfect gift for someone I know." An X user responded "dogwifhatstore" to which Novogratz responded "Gracias."

As Dogwifhat continues to rise, it may encounter resistance around higher price points mainly at the daily SMA 50 at $2.94, particularly if the overall market sentiment does not change. As the scenario evolves, it remains unknown if Dogwifhat can maintain its momentum or if this surge is a temporary spike.

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