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$WIF becomes 42nd largest coin in world; #DogWifHat price prediction
WIF gained 1% today, with DogWifHat recovering to $2.56 while the crypto market remained unchanged for 24 hours.
The token is currently the 44th largest cryptocurrency by cap, however its price has dropped 26% in a week and 36% in two weeks.
It's up over 160,000% since listing in December, demonstrating its expansion.
As the largest and most popular Solana-based meme currency, it might surpass SHIB and DOGE.
WIF's chart shows an almost 1% drop in momentum in the previous hour.
Its relative strength index (purple) has declined from over 60 this morning to 40 as of writing, signaling additional losses before the currency recovers.
The coin's 30-day average (orange) is still falling, indicating that it is failing to acquire momentum.
However, WIF's trade volume is optimistic at $700 million, up from $30 million at the end of February.
New exchange listings, like OKX supporting WIF a few days ago, have driven such strong activity.
There is also talk that Coinbase could IPO shortly, which might boost DogWifHat's price.
A miner-led BTC selloff, which has already started, may dampen sentiment, thus the currency may have to wait for the market to improve before it takes off.
If such a selloff occurs, WIF may not recover for months.
The Bitcoin halving might boost the cryptocurrency market narrative, therefore there is cause to be positive.
Additionally, the Federal Reserve may lower rates this year, which may stimulate investor interest in risky assets.
In conjunction with new listings, DogWifHat might reach $3 again by summer and $4 by Q4 2024.
