Dogwifhat (WIF) Crosses $3: Community Effort, Exchange Listings, and Celebrity Hype Fuel Rally

Dogwifhat (WIF), the dog-themed memecoin on the Solana blockchain, has experienced a meteoric rise, surging over 46% in the past 24 hours

Arslan Butt•Thursday, March 14, 2024•1 min read

Dogwifhat (WIF) Surges Past $3: Community Effort, Exchange Listings, and Celebrity Hype Fuel Rally

Dogwifhat (WIF), the dog-themed memecoin on the Solana blockchain, has experienced a meteoric rise, surging over 46% in the past 24 hours and reaching a new all-time high of $3. This price explosion comes amidst a confluence of factors, including a successful community fundraising campaign, exchange listings, and celebrity endorsements.

Community Crowdfunds Dogwifhat Display on Las Vegas Sphere:

The Dogwifhat community rallied behind a crowdfunding effort to display the memecoin on the Las Vegas Sphere for a week. The campaign, dubbed “Sphere Wif Hat,” surpassed its initial goal of $700,000, raising over $702,000 in USD Coin (USDC) donations. This grassroots effort generated significant publicity and potentially fueled the recent price surge.

Exchange Listings and Celebrity Recognition Boost WIF

Dogwifhat’s listing on major cryptocurrency exchanges like Robinhood and Binance further bolstered its legitimacy and attracted new investors. Additionally, Raoul Pal, the CEO of Real Vision Group, disclosed holding a small stake in WIF, adding a layer of credibility to the memecoin. Furthermore, BitMEX co-founder Arthur Hayes’ bold prediction of WIF reaching $10 has ignited discussions and fueled speculation about a potential rally.

WIF/USD Technical Analysis

Despite the recent surge, traders should approach WIF with caution due to its inherent volatility. Here’s a technical analysis to help you make informed decisions:

Support Levels: With the recent price explosion, identifying clear support levels becomes challenging. However, if a correction occurs, potential support zones might lie around $2.50 (previous all-time high) and $1.98 (resistance turned support).
Resistance Levels: The immediate resistance level to watch is $3.24, the current all-time high. A convincing breakout above this zone could signal further upward momentum. However, the lack of historical data at these price points makes technical analysis less reliable.
Indicators: The Relative Strength Index (RSI) is currently hovering above 70, indicating overbought territory. This suggests a potential pullback in the short term.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.