Dogwifhat (WIF) rises 5% amid market lull
In an unexpected development, the Solana blockchain's meme token, Dogwifhat (WIF), has seen over a 5% increase, outperforming the wider crypto sector which is currently seeing a slowdown. This positive shift is notably refreshing during a period marked by market stagnation.
At present, the cryptocurrency market is in a phase of calm, with many of the leading assets, including Bitcoin and Ethereum, showing stability in their pricing, setting a precedent for the rest of the market. There’s a mixed bag of performance across the board, with some digital currencies witnessing downturns over the last 24 hours.
Yet, amidst this subdued market activity, Dogwifhat stands out with its significant price rally.
Following a dip to $2.20 on Friday, in the midst of a market downturn that brought Bitcoin to its lowest in almost a month and led to a wave of crypto long positions being liquidated, WIF has been on an upward trajectory.
As of this moment, Dogwifhat continues to ascend, with a 5.16% increase over the past day to $2.53, reaching peak intra-day prices of $2.55. Should the day conclude on a positive note, this would represent WIF's second day of consecutive gains. With a market capital of $2.52 billion, this Solana-based meme coin is the 41st largest by valuation.
Memecoins are known for their price sensitivity to news and viral trends; Dogwifhat's recent uplift could be partially credited to a cryptic remark by Galaxy Digital’s CEO Mike Novogratz on X, which appeared to nod towards Dogwifhat.
As Dogwifhat continues its upward trek, it might face hurdles at higher price marks, especially near the daily SMA 50 at $2.94, given the prevailing market mood. The future trajectory of Dogwifhat, whether it will sustain this momentum or witness a brief spike, remains to be seen.
