On Tuesday, Dogwifhat (WIF) was the biggest gainer by price on earth, exploding over 9,000% in 24 hours. This steep rise has been credited to one wildly popular NFT auction and a general meme coin comeback. The trading volume of Dogwifhat (WIF) is up by more than 60% to $473 million on the day.
The most important spark for this boom came on August 7. That hat recently went for 6.8 BTC (~$793,000), the sale taking place on a new Bitcoin Ordinals marketplace called Ord City. The hat was purchased by Finn, the founder of the Solana launchpad Bags. As such, he’s super committed to giving it back to the Dogwifhat community. This act sparked considerable interest and speculation.
The “BUY THE HAT” token is highly integrated into the Dogwifhat ecosystem. Three months after the auction, it went through an amazing 700% price increase! Finn’s newfound possession of the hat immediately drew a lot of buzz. Fans made guesses over what would come next, such as new merch drops or potential integrations with the Bags platform.
Analysts suggest that Dogwifhat (WIF) could potentially reach $3.70 if the current trading volume is sustained and net-long positions continue to grow. A near-term price adjustment down to $2.85 is expected. If the price drops below $2.80 then a range of consolidation between $2.50 and $2.60 could be expected.
Dogwifhat’s (WIF) price has boom, matching the popularity of other popular meme coins such as PEPE and BONK. This trend is indicative of a larger shift occurring in the cryptocurrency space. Altcoin Season Index The Altcoin Season Index has jumped by about 38% in the past month indicating a return of interest towards altcoins. Bitcoin dominance is down 4.2% over the past 30 days. This shows that the altcoin market is increasingly driving attention away from relatively low-volatility BTC.
Dogwifhat (WIF) has the technical momentum for continued upside. It is critical to keep in mind that meme coin trading is extremely volatile and speculative.
