Is Dogwifhat Price On The Way To $10?

Dogwifhat (WIF) is the crypto token to keep an eye on in April of this year. The meme coin on the Solan blockchain reached its highest value of $4.85 on March 31, 2024, during the weekend. Despite a 7% decrease, it has seen a significant increase of more than 300% in the last month. WIF experienced a rise in market capitalization of around $1.3 billion last week, helping it secure a spot in the top 3 meme coins by market capitalization, overtaking PEPE. Is this trend indicating that Dogwifhat price will reach $10 soon?

Market Performance of Dogwifhat Price

Trading for the first on December 19, 2023 at $0.1681, Dogwifhat quickly gained popularity, establishing itself as one of the most desired meme coins in today’s cryptocurrency market.The value of it has increased by more than 2,500% since it was introduced.

At present, Dogwifthat (WIF) price stands at $4.41, with a trading volume of $821 million over the past 24 hours.

On March 31, the token price hit an all-time high of $4.85, though it has dropped since by approximately 7%. After a weekly surge of more than 52.5%, Dogwhifat rose to become the third most valuable memecoin with a market capitalization of $4.4 billion, after Dogecoin (DOGE) and Shiba Inu (SHIB). It is ranked 29th, positioning it within the top 30 cryptocurrencies on CoinMarketCap. There are currently 998,920,173 circulating WIF tokens.

On March 14, Dogwifhat hit its first high when it reached $3. This followed a fundraising of over $70,000 by enthusiasts, for the promotion of its logo on the Las Vegas sphere. This resulted in WIF’s prices soaring by 25% immediately after the crowdfunding campaign was revealed.

The value of the token is mainly driven by the interest of cryptocurrency enthusiasts in dog-themed digital currencies such as Dogecoin (DOGE) and Shiba Inu (SHIB).

Dogwifhat has partnered with Telegram’s bot, Miss Rose. The announcement contributed to the token’s price increase by 15% in the initial hours. This collaboration has positioned WIF as the third memecoin by market cap, overtaking PEPE. The partnership with Miss Rose, known for its wide reach and functionality, is expected to increase WIF’s visibility and engagement in the Telegram community.

This move has been well-received by investors, with a significant increase in WIF’s market performance and price surge. The positive market response reflects optimism regarding the potential benefits of this partnership for Dogwifhat’s market reach and involvement.

Is Dogwifhat Price Poised for $10?

Even though WIF has experienced an increase of over 300% in the last month, the biggest holder remains unwilling to sell. According to Coinstats, the wallet contains WIF tokens valued at $139.5 million, purchased at an average cost of $0.32, resulting in an unrealized profit of $127.3 million. This has led to rumors in the cryptocurrency market, suggesting the holder may anticipate that the price of Dogwifhat will continue to rise.

Additionally, Arthur Hayes, former BitMEX CEO and current CIO at Maelstrom, foresees Dogwifhat could achieve a $10 value. His prediction came immediately the token price hit $3 in march for the first time.

Despite Shiba Inu (SHIB) maintaining its position as the second-largest meme coin with an $18 million market cap, a trader and crypto analyst named “cryptoveteran” predicts that WIF could soon rival SHIB in dominance.

In a recent discussion on X platform,the crypto expert with experience in three crypto cycles (2017, 2021, and the current one) explained the reasons behind the large liquidity flowing into WIF. He stated that the main reasons for WIF’s recent increase are gains from MEW and POPCAT flowing into WIF, and large SHIB wallets transferring their assets to WIF.

The second factor is especially interesting for a cryptocurrency expert, as he thinks that SHIB whales are starting to understand that WIF catching up to SHIB is unavoidable, leading them to shift their investments to WIF quickly. Cryptoveteran expressed astonishment, highlighting the unique and unparalleled nature of this trend as something they have never witnessed before.

Bottomline

It is important to mention that meme coins are extremely volatile and well-known for their lack of utility. Nonetheless, a trillion-dollar Asset Manager Franklin Templeton recently increased investor attraction towards meme coins by stating that even though they lack intrinsic value or practical use, they can still generate fast profits.

The Value Between Meme Coins and Their Native Networks pic.twitter.com/LYjQ5HvXHp

— Franklin Templeton Digital Assets (@FTI_DA) March 13, 2024

Dogwifhat is not the only initial dog-themed memecoin to achieve multibillion-dollar valuations. In May 2021, Dogecoin achieved an all-time high market capitalization of $75.2 billion,  even though it is now valued at $30.2 billion. There is a question of whether WIF can outperform Dogecoin.  The token price will need to grow by approximately 579.82% in value to reach the market value of DOGE. Meaning, WIF price will need to be approximately $30.8, a situation that is achievable in the meme cryptocurrency world.

It is yet to be seen if the Dogwifhat performance will continue with the same upward momentum and push the meme coin to new record highs.