DogWifHat is one of the cryptocurrencies showing signs of a rebound on a day that most cryptocurrencies are in the red. When going to press, DogWifHat was trading at $3.92, and its market capitalization was up by 5.02% to hit $3.908 billion.
DogWifHat is a meme coin, like the other meme coins that have come to dominate the market, such as PEPE, Shiba Inu, and DOGE. In recent weeks, DogWifHat has overtaken most meme coins that have crowded the crypto space to become one of the top five cryptocurrencies by market capitalization. The standout nature of the dog wearing a hat continues to build a strong community around DogWifHat. It is pushing it higher, putting it on course to become the largest meme coin by market capitalization.
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Whales Are Loading Up
DogWifHat has emerged as one of the top-performing large-cap cryptocurrencies due to rising demand, especially from big-money investors. About a week ago, a crypto whale bought 776,000 WIF worth $3.8 million. This indicates that big-money players expect WIF to keep doing well in the future. The demand for WIF is supported by retail money, with investors rushing to buy this week’s dip in anticipation of a significant price rally soon.
WIF Building Up Bullish Momentum
Besides the strong price momentum that DogWifHat has experienced recently, several other factors continue to make it attractive, even when the broader market is weak. One of them is that DogWifHat’s tokenomics make it stand out from other meme coins. The average meme coin has a vast supply, usually over a trillion.
DogWifHat token supply is below a billion, which puts it at the same level as major cryptocurrencies that have hit highs of $20 and above in past bull cycles. This makes DogWifHat look incredibly undervalued, even at current prices. In an all-out bull market where Bitcoin hits $150k or more, DogWifHat could easily rally to prices above $15.
The Community Is Getting Stronger
Investors are attracted to the fact that DogWifHat has a strong community backing it up. For most meme coins, the community is the primary determinant of how high it can go. The stronger the community, the better the prospects. This has already been proven by Dogecoin and Shiba Inu, two cryptocurrencies that rallied to astronomical price levels in past bull cycles without much fundamentals backing them up.
Opepen wif hat. pic.twitter.com/7aosBL6ETO
— Felix (@FreedomToType) March 16, 2024
In the case of DogWifHat, the community has been getting stronger every day and is helping drive social media hype. This means DogWifHat is likely to be one of the top meme coins that new investors get to see when buying meme coins to maximize returns in the coming bull cycle.
To make it even better, DogWifHat is listed on most major exchanges that the average retail investor is accustomed to. For instance, anyone looking to buy WIF can do so through Gate.io, Kucoin, HTX, and even Bitcoin. Investors looking to buy into hot meme coins will likely buy into DogWifHat over some obscure meme coin that is only tradable on decentralized exchanges.
With all these factors supporting a DogWifHat price rally, let’s now do a price prediction to determine how WIF could trade in the rest of the day.
DogWifHat Price Prediction – Why WIF Could Rally Through $5
DogWifHat is currently trading at $3.93, up by 2%. However, trading volumes have dropped by 1.64% in the last 24 hours to $864.40 million.
DogWifHat is currently consolidating between $3.7105 support and $4.1173 resistance. This means a breakout is imminent in any direction within the day or in the coming days.
Why A Bullish Breakout Is Most Likely
While markets can be irrational and DogWifHat can breakout bearish, the odds are higher that a bullish breakout is most likely. That’s because the consolidation is not confined to WIF. It indicates that investors are taking positions expecting a significant price move.
That price move is likely to be triggered by the halving of Bitcoin. As in past crypto cycles, the Bitcoin halving is expected to trigger a price rally that could see some altcoins rally by up to 100X or higher. For WIF, which has a perfect mix of good tokenomics and community hype, it is not hard to see why this consolidation is a buildup to a major breakout to prices as high as $10 short term.
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