DogWifHat is currently in a correction, like the rest of the market. However, it remains one of the best-performing cryptocurrencies in the last seven days, with 25% and 500% gains in the month.
DogWifHat is one of the Solana-based meme coins that have come to dominate the market in recent weeks, outperforming better-known and older meme coins. Part of what makes it popular is that it does not represent itself as some sophisticated cryptocurrency with “big fundamentals.” DogWifHat simply defines itself as a meme coin that is all about good vibes with friends on-chain.
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Despite today’s market correction, DogWifHat stands out as one of the top meme coins that have the potential for parabolic gains going into the future, especially once Bulls retake control in the broader market.
Community Fundraises For Advertising
One of the critical factors likely to help push DogWifHat forward is the fact that it has a dedicated community behind it. The community’s dedication became evident this week when the community came together to fundraise for marketing purposes. The campaign has raised $257,000, which will go towards an advertising campaign in Las Vegas. The community dedication is so strong that two wallets shelled out $9,999 towards the course.
This move by the community has hit two key objectives that will play a critical role in DogWifHat’s price action going forward. For starters, it sends the message to investors that the community wants the best for this meme coin. It eliminates any chances of it being a pump and dump where the founders usually pull liquidity and leave investors holding worthless bags.
The second objective is to help draw new investors to DogWifHat and increase demand. This is a big deal because the meme coin market is saturated with all kinds of meme coins coming up daily. This means people in Las Vegas had no idea what DogWifHat is but will now be looking to buy it as their first meme coin. Such will boost demand and could start reflecting in the price of DogWifHat in the short to medium term.
Impressive Tokenomics
On top of having a strong community, DogWifHat has other metrics supporting its potential to outperform most cryptocurrencies once bulls retake the market. One of these metrics is the tokenomics. DogWifHat has some of the best tokenomics in the market today.
Official spanish #dogwifhat claimed pic.twitter.com/Og577Z5Jbs
— dogwifhat (@eth_dogwifhat) March 14, 2024
While most meme coins have tokens running into the trillions, most of which are controlled by the founders, DogWifHat only has a total supply of 998,920,173 WIF tokens. The tokens are also well distributed within the community. This means the rising demand for WIF tokens is chasing a small supply. This gives WIF the potential to hit prices as high as $10 in an all-out bull market.
Even better is that WIF is easily accessible on most top cryptocurrency exchanges. Anyone looking to buy DogWifHat tokens can easily do so on top cryptocurrency exchanges like Binance, KuCoin, and HTX. This is a big deal in a bull market; investors looking to diversify into meme coins will find it easier to buy DogWifHat than other meme coins that may be trading on unknown and relatively untrustworthy exchanges.
In the section below, we make a DogWifHat price prediction to determine how it could trade as the broader market tries to find its footing after yesterday’s correction.
DogWifHat Crypto Price Prediction
When going to press, DogWifHat was trading at $2.76, down by 15% to give it a market capitalization of $2.75 billion. However, trading volumes were on the rise, up by 24% to $1.223 billion.
WIF is currently in correction, but bears have yet to clear out yesterday’s strong bullish candle. It’s an indicator that while there is a selloff across the market, sellers are yet to gain enough momentum to change the market direction.
If bears fail to push WIF low enough to break $2.63, which would mean clearing out all yesterday’s gains, then the bullish momentum could continue. In such a scenario, $4 would be the next key target.
Many factors support a continuation of the bull run. The key among them is that after the selloff earlier in the day, Bitcoin found its footing above $67k. This means the rest of the market will stabilize soon, too. For high-potential meme coins like WIF, that could mean a strong bullish breakout.
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