As of the time of this writing, March 4, 2024, the DogWifHat (WIF) cryptocurrency, which is now Solana's most popular meme coin, has increased by 400% over the course of the weekend and has already broken the $1 level, trading at $1.75.
This past weekend, the blazing success of WIF was spread across the meme coin sector. Other projects, like as PEPE, BONK, and SHIB, also maintained three-digit percentage returns throughout the course of the last seven days.
Dogecoin (DOGE), the most popular cryptocurrency on the market, had a staggering 92% increase in value over the course of the week and is presently trading at $0.1619.
Nevertheless, there are indications that the surge that WIF is experiencing may be cooling down more quickly than that of its rivals. When compared to the four other meme coins that are the leaders in market capitalization, WIF only gained 4.7% in the past twenty-four hours. Each of these other meme coins achieved intraday gains of about twenty percent or more.
The cryptocurrency market as a whole is now experiencing a surge, and it has been doing so for the most of 2024. Bitcoin has surged by 5.5% over the last 24 hours and is presently trading at $65,107.84. It is getting closer to its previous all-time high of $69k.
By observing the performance of WIF on the chart over the course of the last three months, it is clear that the company is now in the middle of an aggressive bull phase. This is shown by the significant increase that occurred before the end of February, as well as the numerous cup-and-handle patterns that have occurred during its rise.
At the now, the meme currency is trading higher than its 30-day moving average; however, this advantage is progressively being lost due to the appearance of certain red candles in recent times. There is a likelihood that there will be a near-term stabilization over the next few days, despite the fact that Bitcoin's rallies may bring it higher again. This is because the Relative Strength Index (RSI) is now around the middle of the fiftys, which indicates that market sentiment is not too enthusiastic at the moment.
