Dogwifhat’s (WIF) robust rally makes it stand out amongst cryptocurrencies and appeal to traders. Cryptocurrency markets are gearing up for the primary weekend of the month, with meme cash particularly exhibiting robust constructive momentum.
Amid rising hopes, the Solana-based meme token skilled an unimaginable 320% surge final week, pushing WIF’s valuation from $1 billion or extra to the highest 100 cryptocurrencies title. However why is that this rise so fast?
The Rise of Dogwifhat: Bulls in Motion
As of this writing, Dogwifhat’s worth has risen 35% to $1.20, and buying and selling quantity has surged 75% to $388 million. Over the previous day, the worth of 1 WIF token has fluctuated between $0.83 and $1.32.
With sufficient bullish and bearish strain, WIF has been buying and selling inside an ascending parallel channel since itemizing. Nonetheless, bulls needs to be ready for any bearish strain that will come up.
Bitcoin is now buying and selling at $61.921. Chart: TradingView.com
Subsequently, we count on WIF worth to achieve $1.5 first after persevering with to consolidate upward alongside the resistance above the parallel channel. If bulls proceed to take care of momentum, reaching $2 is probably not too tough for Dogwifhat pricing.
Robinhood Europe’s preliminary public providing of the WIF token coincides with the rise of Dogwifhat within the cryptocurrency system. Robinhood’s European prospects can now commerce WIF, along with a number of established cash resembling XRP, Cosmos, and Polkadot.
Hold that rattling hat on.
Who’s $WIF I? pic.twitter.com/Cq0eNp6JTp
— Arthur Hayes (@CryptoHayes) March 1, 2024
Anticipation for Robinhood’s IPO has reached its peak, with former BitMEX CEO Arthur Hayes being one among many to precise his opinion on social media.
X influencer “OSF” sparked rumors that different main exchanges like Coinbase, Binance or Gemini may quickly be a part of Robinhood in itemizing Dogwifhat, which is an enormous deal for everybody.
To be sincere, psychologically $WIF The market capitalization is about to achieve US$1 billion, however it’s nonetheless not listed in the marketplace. @coinbase, @gemini or @binance. pic.twitter.com/Jk0gpWy5ME
— OSF (@osf_rekt) March 1, 2024
Whale confidence fuels Dogwifhat surge
As well as, Lookonchain, an on-chain knowledge supply, found numerous whale actions within the WIF space. One giant investor not too long ago withdrew roughly $918,000 price of Solana from Binance and bought over 673,000 WIF tokens at a worth of $1.36 every.
Moreover, the whale clearly noticed the potential of WIF; he spent $2 million to buy 2.82 million tokens at a worth of $0.71 every, demonstrating his confidence within the mission. The whale’s exercise resulted in practically $1.35 million in unrealized income, including to the positivity surrounding Dogwifhat (WIF) and its prospects for substantial positive aspects within the coming months.
Featured photos from Pexels, charts from TradingView
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