Solana-based entirely entirely meme coin Dogwifhat (WIF) token has skilled a first-rate 57% surge in its impress correct by the final week.
Basically based on CoinMarketCap details, WIF changed into as soon as up 11% within the final 24 hours to $2.80 and has won 57% within the final seven days. WIF has cemented its scheme among the many pinnacle 50 crypto resources by market capitalization and now ranks because the thirty second biggest crypto with a market price of $2.seventy 9 billion.
The actual motive for WIF’s 57% reach stays unknown, nonetheless a combination of components corresponding to bullish sentiment and technical breakout could per chance per chance additionally be doubtless.
Technically, WIF regarded as if it can per chance derive away of what appears to be like to be a “cup and care for” formation on its impress chart, indicating a bullish model.
The cup and care for technical sample on the total signifies the continuation of an uptrend after a interval of consolidation. The “cup” fragment of the formation depicts a rounded bottom, whereas the “care for” is a short interval of consolidation earlier a breakout.
WIF has particularly risen greater since forming a depraved at a low of $1.49 on July 11. Taken from this date, WIF has marked 9 out of ten days in inexperienced, marking an uptrend. WIF reached highs of $3.11 in this day’s buying and selling session sooner than seemingly encountering resistance.
Meme coin bullish myth boosts Dogwifhat
Basically based on CoinGecko’s recent Q2 Crypto Industry Portray, meme cash dominated basically the most neatly-preferred crypto narratives in Q2, 2024, accounting for 14.3% of the market.
Basically based on CoinGecko, basically the most neatly-preferred narratives in Q2, 2024, were meme cash, valid-world resources (RWA) and synthetic intelligence (AI), accounting for 35.7% of the market fragment. This changed into as soon as connected to Q1, 2024. Meme cash dominated the ranking, with four of the pinnacle fifteen most neatly-preferred crypto narratives animated meme cash.
WIF perceived to be a major beneficiary of this sure sentiment surrounding meme cash, with a recent Forbes story highlighting it as one amongst the market’s biggest gainers whereas outperforming Bitcoin (BTC).
