- Dogwifhat (WIF) surged by over 56% this week, showing strong bullish trends
- Solana memecoins outperformed Base memecoins, with Solana’s memecoin market cap at $9.02 billion
Launched in 2023, popular dog-themed memecoin Dogwifhat [WIF] is making headlines these days for its remarkable price surge.
WIF’s exponential surge
According to CoinMarketCap, WIF has soared by over 56% this past week. Additionally, the daily chart revealed a bullish trend with green candlesticks underlining an uptick of over 3% in the last 24 hours alone.
To confirm this trend, AMBCrypto analyzed technical indicators like the Relative Strength Index (RSI). At the time of writing, it was lying in the overbought zone around the 61-level mark.
Source: TradingView
For those unfamiliar, typically, when a token is in either the overbought or oversold territory, it usually tends to follow up with a pullback or a trend reversal.
And, with the Bollinger Bands widening, there seemed to be a clear indication of increased price volatility. Simply put, bears might soon regain market control from the bulls in the coming days.
Crypto community remains optimistic
Despite concerns around a potential trend reversal, crypto analysts are quite optimistic about WIF.
According to an X account- Dami-Defi,
“$WIF is back above the accumulation range after showing so much strength. This is a crucial support it needs to hold. If we see a good weekly close above this level $WIF will catapult.”
Reiterating the same, Asad Saddique, Cryptonary’s CTO added,
“$WIF from $0 to $4.9b market cap in ~7 months time. it’s withstood like 5 or 6 corrections of >70% as many other dog coins has challenged the throne but through that WIF has solidified itself as one of the leading dog coins.”
Highlighting the limited retail presence in the market, Saddique also mentioned that a surge in Bitcoin’s price above $100,000 could spur increased retail interest. He concluded,
“I remain convicted and overexposed to a basket of dog coins and believe the next 6-12 months will be amazing for the entire dog-themed meme category.”
Solana’s memecoin dominance
In the meantime, Solana-based memecoins are all currently outpacing their counterparts, such as those on the Base blockchain.
According to CoinGecko, the market cap for Solana memecoins was $9.02 billion, reflecting a 10.6% hike in the last 24 hours. On the contrary, Base memecoins had a market cap of “just” $1.82 billion.
AMBCrypto’s analysis of Santiment’s data further supported this trend. It showed that the RSI for BRETT, a Base-based memecoin, was lower when compared to WIF, a Solana-based memecoin.
Source: Santiment
