Is Dogwifhat price going to $10 soon?
Dogwifhat (WIF) is a cryptocurrency to watch this April. The meme coin on the Solan blockchain reached its highest value of $4.85 over the weekend of March 31, 2024.
Despite a 7% decline, there was a massive increase of more than 300% last month. WIF's market value increased by approximately $1.3 billion last week, helping it surpass PEPE and become the top three meme coins by market value. Does this trend indicate that the price of Dogwifhat will hit $10 soon?
Market Performance of Dogwifhat Price:
Dogwifhat first traded on December 19, 2023 at a price of $0.1681 and quickly gained popularity, becoming one of the most popular meme coins in the cryptocurrency market today. Since its launch, its value has increased by more than 2,500%. Currently, Dogwifthat (WIF) price is $4.41, with $821 million in trading volume over the past 24 hours.
The coin hit an all-time high of $4.85 on March 31, but has since fallen by around 7%. After gaining more than 52.5% on a weekly basis, Dogwhifat has become the third most valuable memecoin with a market capitalization of $4.4 billion, behind Dogecoin (DOGE) and Shiba Inu (SHIB). It ranks 29th, making it among the top 30 cryptocurrencies on CoinMarketCap. There are currently 998,920,173 WIF tokens in circulation.
On March 14, Dogwifhat hit a high of $3 for the first time. Prior to that, enthusiasts raised more than $70,000 to promote their sign throughout Las Vegas. 💰qun+V: 417072555👈 This caused WIF’s price to surge by 25% immediately after the crowdfunding campaign was revealed.
The value of the token is primarily driven by cryptocurrency enthusiasts’ interest in dog-themed digital currencies such as Dogecoin (DOGE) and Shiba Inu (SHIB).
Dogwifhat has partnered with Telegram’s bot Miss Rose. The announcement caused the token price to rise by 15% in the first few hours. This collaboration enables WIF to surpass PEPE and become the third largest meme coin by market capitalization. Known for its wide reach and functionality, the partnership with Miss Rose is expected to increase WIF’s visibility and engagement within the Telegram community.
The move was well received by investors, with WIF market performance improving significantly and prices soaring.The positive market response reflects optimism about the potential benefits of this partnership to Dogwifhat’s market reach and engagement.
Will Dogwifhat hit $10?
Even though WIF gained more than 300% last month, the largest holders are still reluctant to sell. According to Coinstats, the wallet contained $139.5 million worth of WIF tokens at an average cost of $0.32, resulting in an unrealized profit of $127.3 million. This sparked rumors in the cryptocurrency market suggesting that holders may expect the price of Dogwifhat to continue rising.
Additionally, Arthur Hayes, former CEO of BitMEX and current CIO of Maelstrom, predicts that Dogwifhat could be worth $10. His prediction took effect immediately, with the coin’s price hitting $3 for the first time in March.
While Shiba Inu (SHIB) maintains its position as the second-largest meme coin with a market cap of $18 million, a trader and cryptocurrency analyst named “ cryptoveteran ” predicts that WIF will soon take over the dominant position Compete with SHIB.
In a recent discussion on Platform He said that the main reason for the recent rise in WIF is the inflow of MEW and POPCAT earnings into WIF, as well as the transfer of assets to WIF by large SHIB wallets.
The second factor is particularly interesting to the crypto expert, as he believes SHIB whales are starting to understand that WIF catching up to SHIB is inevitable, leading them to quickly move their investments to WIF. Cryptoveteran expressed surprise, emphasizing the unique and unparalleled nature of this trend, something they have never seen before.
bottom line
It’s worth mentioning that memecoins are extremely volatile and known for their lack of utility. Still, multi-trillion dollar asset manager Franklin Templeton recently added to investor appeal for memecoins by saying they can still generate profits quickly despite lacking intrinsic value or practical use. .
Dogwifhat isn’t the only initial dog-themed meme coin to reach a billion-dollar valuation.In May 2021, Dogecoin hit an all-time high with a market cap of $75.2 billion, though it is currently valued at $30.2 billion. The question arises whether WIF can outperform Dogecoin. The token price would need to grow by about 579.82% to reach the market cap of DOGE. This means that the price of WIF would need to be around $30.8, which is achievable in the meme cryptocurrency world.
It remains to be seen whether Dogwifhat’s performance will continue with the same upward momentum and push the meme token to new record highs.
