DogWifHat Price Prediction as Half a Million Tokens Launch on Solana – Will WIF Continue to Rise?
WIF has gained by 6.5% today, with the DogWifHat price climbing to $3.44 on a good day for the cryptocurrency market as a whole.
While WIF is down by 8% in a week, it is still up by 22% in a fortnight, with the Solana-based meme coin up by over 200,000% since December.
This is an incredibly impressive performance, and it has seemingly created an example for other projects to follow, with data showing that nearly 500,000 new tokens launched on the Solana blockchain in May.
However, while WIF will undoubtedly see plenty of challengers in the coming year, it’s likely to remain one of the more popular meme coins for the foreseeable future.
WIF’s chart is in a mixed position today, in that it has gained momentum over the past couple of days, but look like it could be about to correct.
This is most evident with its relative strength index (purple), which fallen from 70 earlier this morning to almost 50 as of writing.
This is quite a big drop-off, and while WIF’s 30-day average (orange) has recently climbed over the 200-day (blue), its fall in price may drag it down again.
One saving grace, however, is that the meme token’s volume remains healthy, at just over $500 million today.
This indicates that interest in WIF has remained steady over the past few months, with whales and bigger traders regularly buying the token (and selling it) in recent weeks.
A whale spent 17,966 $SOL($2.98M) to buy 953,177 $WIF at $3.13 in the past 5 hours, causing the price of $WIF to increase by ~7%.
This whale previously spent 1M $USDC to buy 355,417 $WIF at $2.81 on May 21 and then sold it at $3.07 for 1.09M $USDC on May 22, making $90K.… pic.twitter.com/4xnoKerJ0X
— Lookonchain (@lookonchain) May 26, 2024
This pattern is likely to continue for much of the
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