The Dogwifhat price surged over 9% in the last 24 hours to trade at $1.71 as of 11:50 p.m. EST as investors go long on the meme coin.
This recent uptick in the WIF price was accompanied by a 12% spike in the collective market cap for Solana meme coins.
HahaYes (RIZO) and Baby (BABY) were the best-performing SOL meme coins in the last 24 hours after they printed respective gains of 92% and 62%.
The Dogwifhat Price Enters A Temporary Consolidation
4-hour chart for WIF/USD (Source: GeckoTerminal)
The Dogwifhat price has oscillated between $1.5181 and $1.8526 over the past 24 hours. This brief period of sideways trading could be an accumulation phase before the next leg up. If WIF breaks out towards the upside, it could attempt to flip the $1.8526 barrier into support. Thereafter, continued buy volume might push the meme coin’s price to $2.4035.
On the other hand, traders deciding to dump the altcoin in the next 24-48 hours could invalidate the bullish thesis. In this alternative scenario, the Dogwifhat price might test the immediate support level at $1.5181. Falling below this crucial mark could then put WIF at risk of falling to the next key support level at $1.0852 in the following 24 hours.
The Dogwifhat Price Still Showing Bullish Strength Despite Momentum Cooling Off
Technical indicators on WIF’s 4-hour chart suggest the Dogwifhat price might keep climbing in the next 24 hours. However, there are signs that the meme coin’s bullish momentum has cooled off recently. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are flashing bullish.
On Aug. 5, WIF rebounded from the $1.0852 support. Shortly after bouncing off of this mark, the MACD line crossed above the MACD Signal line to indicate that the Dogwifhat price entered a positive trend.
The MACD line has remained above the MACD Signal line ever since the two lines crossed at the start of the week, but the gap between the two lines has decreased in the past couple of hours. This narrowing margin might be an early indication of WIF’s bullish phase coming to an end.
Meanwhile, RSI readings have increased throughout the past 48 hours. Traders usually see this as a sign that buyers are growing stronger against sellers. What’s more, the RSI is above the major 50 benchmark. This suggests that bulls have the upper hand against bears.
While the Dogwifhat price consolidates, investors continue to pour capital into the ICO for PlayDoge (PLAY), a project that analysts say has the potential for parabolic gains after launch.
Meme Coin Hype Mixed With 90s Nostalgia
PlayDoge (PLAY) is a dog-themed crypto looking to establish itself in the flourishing meme coin ecosystem. Not only will the token rely on its meme coin appeal to make its mark, the project also aims to revive the popular Tamagotchi game by introducing a modern twist into its gameplay.
Back in the 90s, these virtual pets were a hit, with tens of millions of units sold worldwide. However, the overall player experience was fairly restricted. After a while, the digital companions would inevitably die. Players were subsequently left with no choice but to reboot their systems and start all over again.
PlayDoge, through its combination of blockchain and crypto technology, will launch a version of the game that is fit for the 21st century.
With this upgraded gameplay, players stand to earn rewards paid in crypto for simply ensuring their pets get enough food, love and sleep. The game will also come with mobile support, allowing players to play the game on their smartphones.
PlayDoge’s meme coin nature, mixed with tokenization and its appeal to blockchain gaming investors, has excited popular YouTuber ClayBro.
In a video entitled “PlayDoge Could Be The Next Major Meme Coin With The Play To Earn Game,” he indicated that the project has 10x potential after launch.
Closing On $6 Million
PlayDoge’s presale has been a major hit among crypto investors, and is on the verge of surpassing the $6 million fundraising milestone. A potential reason behind this investor frenzy, other than the project’s speculative potential, is the 78% annual yield being offered to buyers who stake the token.
Becoming eligible for these rewards is fairly easy. The first step is for investors to acquire the token via the buy widget embedded on the project’s website.
Selling for $0.00527, PLAY can be bought using either ETH, BNB, USDT or bank card. Thereafter, the final step is to lock up the newly-purchased tokens through the staking page on the website.
Investors should act fast, though, because PLAY’s price will increase in a fraction more than 2 days.
Purchase and stake PLAY here before its next price increase.
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