Dogwifhat is the famous Solana memecoin of a dog wearing a hat. Recently, there was a bullish surge in the price, pushing the valuation to over $2.2 billion and the trading volume by over $400 million. Below, we will explore the recent price performance, what experts have to say about it, and the general performance of the broader Solana memecoins.
Dogwifhat Enters July with A Massive $400 Million Boost
July is already proving to be a differential month for popular Solana memecoin Dogwifhat after investors splashed a massive $400 million on July 1st. According to data from CoinMarketCap, it recorded a $438 million trading volume, representing a 4% increase in the last 24 hours. Moreover, the market cap of this token jumped to over $2.2 billion, surpassing other memecoins like Bonk and FLOKI.
The influx of investor funds also prompted a price resurgence from WIF. The price bounced back to $2.30 after staying at less than $1.82 as of 25 June. Within the past seven days, there has been a price growth of more than 20%. Nevertheless, this is far from the previous all-time high of $4.85, set in March. Judging from the available data, Dogwifhat is still experiencing more than a 50% depreciation from its previous ATH.
Crypto Analysts Commends Dogwifhat’s Recent Performance
The recent performance from Dogwifhat to move up to over $400 million trading volume, and $2.30 in price didn’t go unnoticed. According to Crypto analyst Davie Satoshi on X, WIF breaking through $2.20 was massive, and could be the important technical point for a bullish trend. Nevertheless, he highlighted that WIF needs to break through a key diagonal resistance line to reverse the current downward trend.
Another crypto account on X named Market Spotter shared the same sentiment. In a post, it highlighted that WIF could go more than breaking through $2.30. In fact, their price target for WIF within the next few weeks is to break through $4.45. Another account, Dead Cat Bounce, says if WIF can cross $2.32, it could continue mooning until it gets to $3. However, if it fails to maintain its current price above $2.17, it could fall all the way back to $1.88.
Besides Dogwifhat, Other Solana Memecoins are Performing Well
Dogwifhat isn’t the only Solana memecoin doing very well in the market, as there are others sharing the spotlight. Popcat is particularly the Solana memecoin that has increased by more than 60% in the last 30 days. Moreover, the market cap has grown to over $581 million, with a 90 days growth of over 120%. Comparing its year-to-date data, there’s an appreciation of over 6000%. Other Solana memecoins to mention include Bonk and MOG Coin.
Conclusion
Dogwifhat is having a pretty solid performance in the past few days, as many investors push over $400 million on the trading volume. It’s price performance has been stellar, growing by over 20% to increase its price to $2.30. According to many analysts, this could be the start of a new beginning for WIF investors. Some analysts are predicting WIF to cross $3 to $4.45 of it continues within the current bullish trend. However, there’s still a chance if WIF dropping down to less than $1.88 if it fails to maintain the current trend. Nevertheless, only time will tell how far WIF goes.
Cover image from Microsoft Designer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
