DogWifHat Price Analysis as $WIF Pumps 31% – Is $2 Next?
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Solana’s biggest doge-themed coin, DogWifHat ($WIF) has advanced 31% on its price last Friday as it trades at $2.35 a token as of this writing.
Its followed closely by Bonk ($BONK), another Solana meme coin, which rose 33% to trade at $0.00002407 at the time of writing.
However, over the course of the last 24 hours, Bonk greatly outpaced DogWifHat.
$WIF rose 6%, and was the only token among the seven largest meme coins by market cap to not post double-digit percentage gains. Bonk rose 16% overnight.
Moo Deng ($MOODENG), a less-than-three-week-old Solana meme coin based on a viral baby pygmy hippo in Thailand of the same name, is up an eye watering 1336% over the last seven days.
Meme coins on Solana collectively rose 17.6% overnight to reach a market cap of $8.99 billion, according to CoinGecko data.
This is broadly in line with today’s meme coin rally, which has added a staggering 22.1% to the now $57.6 billion meme coin market.
In stark contrast, the global crypto market is relatively unmoved, advancing just 1.3% overnight to hit $2.43 trillion.
As usual, market leader Bitcoin ($BTC) set the pace for serious blockchain tokens. Bitcoin added 1% in the last 24 hours and now trades at $66,153.
DogWifHat may have posted some relatively conservative overnight gains, but the price chart signals a breakout above the $2 resistance level (red line) that formed after a crypto crash on August 5 bottomed $WIF’s price below $1.30, a low not seen since early March.
The token has strong support (green line) at $1.50 but the falling RSI at 64 indicates some selling is offsetting the buying now to stabilize the price going into the weekend.
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