$WIF Price Jumps 18% – Will DogWifHat Reach New Heights Soon?
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Popular Solana meme coin DogWifHat ($WIF) is the best performing among the big five doge-themed meme coins this week with a blistering 18% advance on its price this time last Friday.
The $1.8 billion market cap token, which is currently the fourth largest meme coin in the world, added 3.4% in the last 24 hours and now changes hands at around $1.80.
By contrast, sector leader and original meme coin Dogecoin ($DOGE)—by far the largest meme coin with a market cap of $15.4 billion—only added 0.3% to its price both in the last 24 hours and in the last seen days.
In general, crypto has been rallying since Tuesday, when the Federal Reserve cut interest rates by 50 basis points (0.5%) after two years of eleven consecutive hikes, which took US interest rates to their highest level in two decades.
This means borrowing costs are coming down, a factor that will shift investors to more risk-on positions like crypto.
The news helped push the price of market leader Bitcoin ($BTC) up 9.3% from seven days ago as it trades at $63,420.
DogWifHat’s home chain Solana, represented by the $SOL token, grew 13% over the week and trades at $149.
Over on DogWifHat’s price chart we can see $WIF trading relatively conservatively following the August 5th crypto and stocks crash when spooked investors dumped their riskier assets.
Since then, the token has bounced in a narrow margin between $1.40 and $1.95. It looks set to continue that way with a falling relative strength index (RSI) of 50 indicating steady selling momentum.
Going into the weekend, this will mean DogWifHat’s rally is likely to cool off and hold steady until Monday.
Now that the Federal
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