Published on juli 19, 2024, 12:32 am
Image source: Fox News
- TLDR: Dogwifhat (WIF), a memecoin on Solana, surged by 40% in a week to $2.33, reclaiming its spot in the top 50 cryptos. Market cap at $2.4 billion, potential to reach an all-time high. Analysts see resistance at $2.50 but predict a range between $2.40 and $3.00. Memecoins have shown strong performance with average returns of 1,312%, indicating growing interest and potential gains.
- Disclaimer: Article does not offer investment advice; readers should conduct their own research before investing due to associated risks.
WIF, the memecoin linked to Solana known as Dogwifhat, has surged to a monthly high following a remarkable 7-day bullish streak that boosted its value by 40%. The cryptocurrency has reclaimed its position among the top 50 cryptocurrencies by market capitalization after experiencing a significant uptick of 41.44% over the past week, now trading at $2.33 with a 10% increase in the last 24 hours.
Data from CoinGecko reveals that while the overall memecoin market capitalization is down by 5.3%, Dogwifhat is standing strong with a market cap of $2.4 billion, indicating potential for further growth as it edges closer to hitting an all-time high.
Despite facing some resistance near the $2.50 mark, analysts like Altcoin Sharper suggest that breaking above this level could see WIF entering a trading range between $2.40 and $3.00. Notably, futures traders have become more cautious amid this price surge, with Open Interest (OI) in WIF futures dropping by 4.1% over the last two days.
As positive sentiment surrounds memecoins in 2024 and they continue to be a key narrative within the crypto industry, data from CoinGecko highlights their impressive performance with average returns of 1,312% across top tokens by market capitalization. This trend underscores the growing interest in memecoins and their potential for substantial gains.
It’s important to note that this article does not provide investment advice or recommendations; readers are advised to conduct their own research before engaging in any investment or trading activities due to associated risks involved in such decisions.
Original article posted by Fox News
