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Introduced in 2023, popular dog-themed memecoin Dogwifhat [WIF] is making headings nowadays for its amazing rate rise.
WIF’s rapid rise
According to CoinMarketCap, WIF has actually skyrocketed by over 56% this previous week. Furthermore, the everyday chart exposed a bullish pattern with green candlesticks highlighting an uptick of over 3% in the last 24 hours alone.
To validate this pattern, AMBCrypto evaluated technical indications like the Relative Strength Index (RSI). At the time of composing, it was depending on the overbought zone around the 61-level mark.
Source: TradingView
For those unknown, usually, when a token remains in either the overbought or oversold area, it normally tends to follow up with a pullback or a pattern turnaround.
And, with the Bollinger Bands widening, there appeared to be a clear sign of increased rate volatility. Put simply, bears may quickly gain back market control from the bulls in the coming days.
Crypto neighborhood stays positive
In spite of issues around a prospective pattern turnaround, crypto experts are rather positive about WIF.
According to an X account- Dami-Defi,
“$WIF is back above the build-up variety after revealing a lot strength. This is an essential assistance it requires to hold. If we see an excellent weekly close above this level $WIF will catapult.”
Repeating the very same, Asad Saddique, Cryptonary’s CTO included,
“$WIF from $0 to $4.9 b market cap in ~ 7 months time. it’s stood up to like 5 or 6 corrections of >> 70% as lots of other pet coins has actually challenged the throne however through that WIF has actually strengthened itself as one of the leading pet coins.”
Highlighting the restricted retail existence in the market, Saddique likewise pointed out that a rise in Bitcoin’s cost above $100,000 might stimulate increased retail interest. He concluded,
“I stay founded guilty and overexposed to a basket of canine coins and think the next 6-12 months will be incredible for the whole dog-themed meme classification.”
Solana’s memecoin supremacy
In the meantime, Solana-based memecoins are all presently outmatching their equivalents, such as those on the Base blockchain.
According to CoinGecko, the marketplace cap for Solana memecoins was $9.02 billion, showing a 10.6% walking in the last 24 hours. On the contrary, Base memecoins had a market cap of “simply” $1.82 billion.
AMBCrypto’s analysis of Santiment’s information even more supported this pattern. It revealed that the RSI for BRETT, a Base-based memecoin, was lower when compared to WIF, a Solana-based memecoin.
Source: Santiment
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