Dogwifhat What? Memecoin Barges Into 86th Spot With 320% Rally – What’s Going On?

Christian Encila

Last Updated: June 11, 2024 8:34 am

3 mins read

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The strong ascent of Dogwifhat (WIF) has made it stand out among cryptocurrencies and captivated investors. Crypto markets are gearing up for the first weekend of the month, and memecoins in particular are showing strong signs of positive momentum.

Amidst the increased hope, the meme coin based on Solana experienced an incredible 320% rally last week, propelling WIF to the top 100 cryptos from a valuation of $1 billion or more. However, why has this ascent been so rapid?

Dogwifhat’s Rise: Bulls In Action

At the time of writing, the price of Dogwifhat had increased 35% to $1.20, and its trading volume had surged 75% to $388 million. Over the past day, the value of one WIF token has fluctuated between $0.83 and $1.32.

Withstanding sufficient bullish and bearish pressures, WIF has been trading within an ascending parallel channel since its debut. In spite of this, bulls should be prepared to fight fiercely against any bearish pressures that may arise.

Bitcoin is now trading at $61.921. Chart: TradingView.com

As a result, we anticipate that the WIF price will first reach $1.5 after continuing its upward consolidation along the parallel channel’s upper resistance. If the bulls keep on their momentum, getting to $2 might not be too difficult for dogwifhat pricing.

Robinhood Europe’s IPO of the WIF token occurred at the same time as Dogwifhat’s stratospheric ascent in the cryptocurrency hierarchy. European customers of Robinhood can now trade WIF in addition to a plethora of well-established tokens, such as XRP, Cosmos, and Polkadot.

The fucking hat stays on.

Who is $WIF me? pic.twitter.com/Cq0eNp6JTp

— Arthur Hayes (@CryptoHayes) March 1, 2024

The anticipation for the Robinhood listing was reaching a peak, and former BitMEX CEO Arthur Hayes was among the many who took to social media to voice their opinions.

X influencer “OSF” has fueled rumors that other major exchanges like Coinbase, Binance, or Gemini may soon join Robinhood in listing Dogwifhat, which is a huge deal for everyone.

Honestly mental that $WIF is about to hit $1bn market cap and still isn’t listed by @coinbase, @Gemini or @binance. pic.twitter.com/Jk0gpWy5ME

— OSF (@osf_rekt) March 1, 2024

Whale Confidence Boosts Dogwifhat’s Surge

Separately, Lookonchain, an on-chain data source, uncovered substantial whale activity in the WIF area. A large investor recently bought more over 673,000 WIF tokens at $1.36 each after withdrawing around $918,000 worth of Solana from Binance.

Also, this whale has clearly seen the potential in WIF; he has spent $2 million to buy 2.82 million tokens at $0.71 each, demonstrating his faith in the project. This whale’s activities, which resulted in an unrealized profit of almost $1.35 million, add to the positive attitude around dogwifhat (WIF) and its prospects for significant gains in the coming months.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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