Dogwifhat (WIF) is more than speculations now, after gripping the 3rd largest position in the meme sector; this rise you cannot ignore. Let’s swipe into the real possibilities behind this massive surge.
Rise of Dogwifhat
Dogwifhat, which has been gaining popularity since its launch late last year, has quickly become a favorite among crypto investors, joining other canine-themed coins such as Dogecoin and Shiba Inu. As per current data, Dogwifhat has seen a huge increase in open interest, which has now topped $500 million.
This shows that traders are optimistic about the price going up and suggests that a rally may be on the way. In the middle of this price rise, a single Dogwifhat address made an amazing $134 million, which shows how much the token has gained. The price of WIF went up to $4, which led to over $1 million in short sales and made people speculate that the price would keep going up.
Technically It’s Oversold?
Dogwifhat’s RSI, currently at 69, indicates an oversold coin, potentially triggering a price correction due to a large community waiting for the best time to ripe gains. The recent price surge pumped Dogwifhat to a market capitalization of $4 billion, solidifying its position as the third-largest MEME token in the market.
This achievement places WIF ahead of PEPE and positions it behind leading MEME tokens such as DOGE and SHIB. Notably, the largest holding address for WIF has seen significant profits, reaching $134 million, indicating continued bullish sentiment surrounding the token.
After Flipping PEPE, What Next?
Looking at the broader picture, Dogwifhat is expected to hit a market cap exceeding $10 billion in the coming years, positioning it as a strong blue-chip meme coin in the crypto market. However, the market is also buzzing the recent price rally to $4 led to $2.09 million in liquidations and a 29% rise in open interest to $528.6 million.
All because, Dogwifhat prioritizes decentralization and community-driven governance, with a capped supply of approximately 998.9 million tokens, making it a pure meme coin driven by community engagement.
Good time to try Dog theme coins? Tell us your views.
