As Bitcoin and the broader crypto markets have been showing strength recently, meme coin Dogwifhat (WIF) rallied to $0.85 on Wednesday, with bulls targeting a rally past $1. The WIF price rally comes with its daily trading volume surging to $333 million, showing strong trader interest to support further rally.
Active wallets managing WIF surged by 20%, with daily trading volume exceeding $70 million, pushing the Solana-based meme coin closer to the $1.00 threshold. Reports indicate the Dogwifhat network recorded over $700 million in trading volume over the past two days.
This rally comes as the broader crypto market reacts positively as geopolitical tensions subside with Iran and Israel announcing a ceasefire after a 12-day war. As a result, the WIF price rallied from the lows of $0.63 on June 23 to the highs of $0.85.
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Community posts reveal that Dogwifhat holders have pooled resources to fund eye-catching billboards and exclusive merchandise launches. These grassroots initiatives, amplified through social media campaigns, have sparked a surge in interest around the token.
Dogwifhat (WIF) Price Eyes A Breakout Above $1
For a long time, the Dogwifhat price has been trading in a falling wedge channel. Once again, WIF has faced rejection at the upper end of the channel at $0.86 and is currently trading down 9.32% at $0.76. As shown in the image below the wedge support is currently at $0.54. Crypto analyst ‘Crypto avails’ noted that only if the WIF price manages to break out above this wedge pattern, it could trigger a rally all the way to $1.35.
WIF/USDT | Falling Wedge
📈 We previously gave a bearish signal for $WIF, which resulted in a ~20% drop. Now, we’re seeing a falling wedge pattern. If it breaks out to the upside, the target will be around $1.35.
📊 This target is valid only if the breakout occurs. Buying… pic.twitter.com/UcRCv2YEu4
— Crypto Avails (@cryptoavails) June 26, 2025
As of now, WIF is testing the crucial support at $0.77, losing which could trigger another 10% fall to $0.71. Market analysts suggest that WIF’s trajectory is closely linked to Bitcoin’s performance and the broader Solana ecosystem. Sustaining Bitcoin prices above $105,000 is seen as critical for maintaining the token’s upward momentum.
Trading experts advise caution with meme coins like WIF, citing their high volatility. They recommend using tight stop-loss orders and managing position sizes carefully to mitigate risk.
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