Popular Meme Coin Dogwifhat (WIF) Soars by 17% in a Day: What Lies Ahead?

Dogwifhat (WIF), a well-known meme coin, has seen a significant spike in value, outperforming other notable meme coins such as DOGE and SHIB. WIF's price increased by 17% within a single day, reaching just under $1. In turn, its market capitalization rose to nearly $1 billion, making it the eighth-largest meme coin.

The rising trading volume suggests growing interest from investors, exceeding $510 million in the last 24 hours. Despite this surge, analysts caution that WIF's Relative Strength Index (RSI) of 71 indicates an overbought condition, which could lead to a price pullback. Established in 2023, WIF has become a prominent player in the crypto market, with major exchanges such as Binance, Coinbase, and Kraken listing it.