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Key info:
Dogwifhat (WIF) rose 64% within the final week and is the crypto asset with the very best appreciation in 7 days.
WIF worth would want to rise 5x to overhaul shiba inu (SHIB) in market cap.
The Solana community's dogwifhat memecoin (WIF) reached a brand new all-time excessive worth (ATH) as we speak, March 29, reaching $4 (USD). And though it later fell barely to USD 3.69, it’s the cryptocurrency that’s exhibiting one of the best efficiency of the principle ones.
With a worth improve of 18% in 24 hours, 64% in 7 days and 400% in a single month, WIF stands out for being the cryptocurrency with the very best rise in such durations of the hundred with probably the most capitalization. Under, you’ll be able to see its efficiency.
Because of the demand that led to the rise in worth, it grew to become the thirty ninth cryptocurrency with the very best market capitalization, with this being USD 3.6 billion. This leaves it in third place amongst memecoins, simply after dogecoin (DOGE) and shiba inu (SHIB) and above PEPE and FLOKI.
The rise in WIF happens amid higher market curiosity in memecoins and the rise within the worth of bitcoin (BTC) reported by CriptoNoticias. The latter is approaching its ATH touched two weeks in the past at USD 73,000, increasing the demand urge for food for cryptocurrencies usually.
Bitcoin bull cycles have traditionally boosted the complete market, particularly in some cryptocurrencies that turn into “trendy.” This can be the case for WIF, which was launched in late 2023. Different memecoins like DOGE and SHIB, which have been booming within the earlier bull cycle, at the moment are removed from their ATH.
WIF may hit new ATHs if bitcoin continues its bullish development
Past the rising demand for WIF, it’s unlikely to surpass SHIB in capitalization, because it ought to multiply it by 5 instances. That may suggest that the worth of WIF rises to USD 18. In any case, it may attain new all-time excessive costs if bitcoin continues its upward development motivating demand for cryptocurrencies.
Moreover, this memecoin has a finite provide of roughly 998.9 million models, strengthening demand.
Nonetheless, it must be taken under consideration thatYour market is speculative, for the reason that memecoin has no use. It solely refers to a canine meme. A person on social community commented that its worth goes up solely as a result of the canine has a cute hat.
If it experiences a worth decline, it may momentarily cease at USD 2, a degree that has functioned as assist. This can be attainable attributable to its merchants taking income attributable to its vital rise.
In relation to this, the RSI (relative energy index), a metric that measures the momentum of worth actions, stands at 61.20, near its sign line. When this exceeds the 70 degree, it signifies that the asset could possibly be overbought and is getting ready for downward strain.
