DogWifHat (WIF) is breaking out of the meme pack again, with expectations of regaining previous peaks. The recent market recovery reveals that meme assets are once again the most active short-term earners.
DogWifHat (WIF) rallied above $2.80, bouncing from lows around $1.60 in just over a week. The meme token sparked expectations of rallying again above $3, then repeating the $4 peak. WIF is once again entering the zone where it competes with Pepe (PEPE), as several types of meme tokens are reviving.
WIF represents the theme of dog memes, along the “wif hat” meme. This time, WIF rallied ahead of the pack, though other types and memes are also rising. WIF also follows a community-based meme pattern, which encourages holding.
The current WIF rally sets expectations for rising close to $3.50. The token, however, remains volatile, attracting short positions due to the high probability for rapid corrections.
Also Read: Koreans trade MEW meme token more than Bitcoin (BTC)
WIF has the big advantage of a Binance listing, where more than 40% of the asset’s volume is concentrated. This allows WIF to trade with significant liquidity, while also creating conditions for a short-term pump. Like other more established meme tokens, WIF shows no direct signs of wallet clusters, but there is concentration on top wallets and centralized exchanges. For that reason, WIF is a highly traded token with bets on volatility in either direction.
WIF trading volumes easily reach above $390M in 24 hours, sustaining that level for weeks. WIF is one of the tokens with more than 91% weight of USDT trading pairs, and a trading profile skewed toward centralized exchanges. Only a fraction of WIF activity is happening directly on Solana’s Raydium.
Despite this, WIF shows more than 14K daily active wallets, a level similar to mid-range games or apps. Based on exchange and on-chain data, at the current prices, there are slightly more buyers than sellers.
One of the alts I am interested in shorting.
Awaiting rising wedge retest here on 4hr (as well as assessment of majors)
If things plan out as I'm anticipating then $1.48 the target. pic.twitter.com/f1sjBAaIYx
— The Cryptomist (@Thecryptomist) July 23, 2024
WIF Survives period of FUD
As a Solana-based meme token, WIF has faced criticism and FUD from other communities. This has boosted the drive to hold the asset, while waiting for appreciation to a higher price tier.
Extreme predictions for the price of WIF allow for a rally as high as $10. During the peak of the 2024 market in Q1, WIF was seen as being the top meme token, potentially competing with PEPE for the leading position. So far, the project has not shown any signs of justifying the criticism.
WIF is a heavily traded token, with more than 15% of its supply changing hands each day. With that marker, WIF has better performance compared to low-float tokens.
The current market stage may renew interest in WIF, erasing previous negative campaigns. The recent price hike reawakened the community and showed the ability of WIF to rally.
WIF community expects a new meme season
WIF now sees increased spot buying, in preparation for a new meme token rally. The meme narrative is among the few that retain net gains for 2024, and has shown an ability to break away from the rest of the market.
A new battle between meme communities may be brewing, which may accelerate WIF buying and increase the asset’s visibility. Doge-themed meme communities are now in competition for liquidity, but also social media clout.
WIF is packed together with other cute-themed memes like Cat in a Dog’s World (MEW), and set against a more volatile selection of tokens that includes PEPE, POPCAT and APU.
Also Read: Will Pepe Coin Dominate Dogecoin And Shiba Inu In 2024?
WIF has the typical advantages of a meme token, with no treasury to unlock or early VC buyers. However, there are worries some whales may hold a significant portion of coins and sell at a higher price.
With a market cap of $2.5B, WIF managed to flip even MakerDAO (MKR). The asset is now at 50% the value of PEPE, but is not listed among top meme tokens. The goal of the WIF community is to reach the valuation and influence of the ShibaInu (SHIB) project.
WIF has a single use case, in several staking programs with a high promised return. WIF staking starts from a 5% return rate, though some programs offer as much as 25% annualized return rate.
Cryptopolitan reporting by Hristina Vasileva
