Solana Layer-1’s emerging memecoin Dogwifhat (WIF) has been caught up in the epicenter of the bullish wave since its inception on December 13, 2023. Starting from a humble $0.001555, WIF’s strong price movement since has helped Dogwifhat achieve a new record of $4.83 on March 31, 2024.
Dogwifhat in Consolidation After Claiming Bronze
Closing the most successful month for the memecoin department at just under $5, WIF retraced 19.5% from this price milestone to trade at $3.87 at the time of this publication. Trading in a consolidation phase, WIF now occupies the 35th spot by global market cap, ensuing a massive market cap of $3,863,418,752, according to CoinGecko.
The phased consolidation of Dogwifhat at this price range is also visible on the Spot markets on-chain data, as bids and pending sells for the coin are balanced at approximately $13 million each. The capped supply of 998,926,392 adds to the rising demand for WIF, which is the only memecoin to trade above $3.
The Most Expensive Canine Coin Demystified
WIF emerged as the top-performing altcoin year-to-date (YTD), fetching an increase of 249,611% since December’s inception. Dogwifhat’s status as a top player in the memecurrency department became clear as WIF jumped past Pepe (PEPE) and Bonk (BONK).
Crypto analysts are measuring WIF’s chances of going above and beyond $5, as portrayed in the graphic by crypto analyst Asad. According to him, WIF has “flipped the wick” at $4 while growing to market prominence. Shiba Inu (SHIB) is displayed as the next target, reaching $15.40.
By now flipping Dogecoin (DOGE), WIF’s price could aim for $26.30. However, not all crypto traders believe Dogwifhat’s run will continue. In derivatives markets, WIF encompasses a $1.80 billion volume with a long versus short ratio of 0.9775, according to on-chain data by CoinGlass. Binance users are bullish with a 2.3098 long versus short ratio.
Among other factors, Bitcoin’s (BTC) and Solana’s (SOL) high price correlation with WIF plays a key part in WIF’s tremendous 135% monthly run after being consecutively listed by the three crypto giants of Binance, KuCoin, and Bybit.
On the Flipside
- The Chaikin Money Flow (CMF) on-chain metric is negative, at -0.12 on the 1-day chart readings for Dogwifhat (WIF).
- A Negative Chaikin Money Flow is formed if the price action continues to close below the bar’s midpoint on increasing volume.
- This implies a bearish divergence point for Dogwifhat (WIF) at the current price range as whales start taking profits or switch to short positions.
Why This Matters
Memecurrencies have been one of the best-performing alternative digital assets in Q1 of 2024, notably on Solana’s blockchain.
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