DogWifHat continues its impressive run, up by 84% in the past week. Today, DogWifHat is up by 10%, and its market capitalization is up by 10% to hit a high of $4.75 billion. In the last 24 hours, DogWifHat has been making higher lows, an indicator that every slight dip in the price is being bought up.
DogWifHat is a meme coin, like Dogecoin and PEPE. It has no real utility and derives most of its value from community-driven hype. DogWifHat’s community has been expanding since it launched, which has been reflected in its price over the past couple of months.
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One Of The Top Trending Meme Coins
In the last 24 hours, DogWifHat has become one of the top trending cryptocurrencies on social media. It indicates that more investors are looking to buy into DogWifHat as one of the cryptocurrencies that could keep doing well. That’s especially the case because the Bitcoin halving is coming up, and investors expect Bitcoin to trigger another rally in the altcoin market.
Official links
Contract Address: 0x8aec4bbdcfb451aa289bfbd3c2f4e34a44ada1be
Website: https://t.co/GUeS2p1tL5
Uniswap: https://t.co/Z81H0KCzK6
CoinGecko: https://t.co/SUAW13CJV9
— Dogwifhat Fan page (@dogwifhatpack) February 20, 2024
Several factors support a continuation of the DogWifHat rally, as shown by its price chart. One of them is DogWifHat’s tokenomics, which makes it a top meme coin with the potential to double in price or even more in the coming days. DogWifHat has a token supply of 998 million, which is in the same range as that of top cryptocurrencies.
Unlike meme coins with a token supply in the trillions, DogWifHat’s token supply means it can easily hit a price of $8 to $10 in the coming days or weeks. That’s because all the new money flowing into DogWifHat is increasingly chasing a small supply of DogWifHat.
No Room For Token Inflation
There is the fact that DogWifHat’s supply is all in the market for trading. This means there is no risk of value dilution due to token unlocks. This is always an issue with many meme coins, leading to price stagnation. This aspect of DogWifHat makes it attractive to investors in the long term, especially under current market conditions, and makes it one of the best cryptocurrencies to buy today.
The Halving Is Only 3 Weeks Away
On top of all these positive aspects of DogWifHat, the broader market is increasingly attractive to investors. The key is the upcoming Bitcoin halving, which many analysts predict could push the total cryptocurrency market to a $10 trillion or more high. For a meme coin like DogWifHat that checks all the boxes, especially on tokenomics, this could mean a price as high as $20 or more in an all-out bull market.
DogWifHat’s potential has improved because it is increasingly listed on top-tier exchanges. Today, DogWifHat is available on exchanges like Binance and Kraken. As its price momentum increases, it could be easy for investors to FOMO into DogWifHat.
In the section below, we look at DogWifHat’s price action to determine how it could trade this week.
DogWifHat Price Prediction – Why DogWifHat Could Hit $10 This Week
When going to press, DogWifHat was trading at $4.6783, up by 10%. Trading volumes were rising, an indicator that bulls were taking control after a slight correction in the day.
If DogWifHat bulls sustain the current momentum, the critical level to watch would be the intra-day high of $4.8574, now a critical resistance level.
If bulls push DogWifHat through the $4.8574 resistance, then prices above $5 could come in hours, and $10 could be within reach in the week.
On the other hand, if bulls lose momentum, two scenarios could play out. The first is a possible consolidation between $4.8574 and $4.6172, now a fundamental support level in the day.
However, if short sellers take control in the day, the key level to watch would be $4.20, a significant support level. Pushing through $4.20, WIF can easily be traded at prices below $4.
Why DogWifHat Is Headed To $10 Soon
While any of the three scenarios above could play out in the day, the odds are that DogWifHat could be headed to $10 soon. That’s because bullish momentum is already quite strong for WIF, as seen in its price action. The broader crypto market is increasingly bullish, and as investors seek out high-potential meme coins, DogWifHat comes off as one likely to gain the most due to its price action.
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