The recently launched Solana-based meme coin Dogewifhat (WIF) is garnering huge attention from the crypto community following its massive price surge of over 25% in the last 24 hours. However, after this significant price surge, the former CEO and co-founder of BitMEX, Arthur Hayes, made a post on X (previously Twitter) and shared a humorous statement: “Omar the octopus says ‘the hat stays on’.”
Arthur Hayes praise WIF token
This post by Hayes highlights his confidence in WIF tokens. Hayes continuously backed the WIF token when it was trading near the $0.38 level. During that period, he predicted that WIF could hit $10 in the coming days. Since then, WIF token prices have surged massively regardless of market sentiment.
Currently, WIF is trading near $3.44, and in the last 24 hours, it experienced a massive over 27% upside momentum. If we look at the performance of WIF over a longer period, in the last 7 days, despite much struggle and lack of confidence in the market, WIF’s price soared more than 25%. Whereas, in the last 30 days, it experienced nearly a 15% downside momentum.
WIF Technical analysis and key levels
According to expert technical analysis, WIF is looking bullish on both shorter and longer time frames. The recent massive price surge is caused by the breakout of bullish inverted head and shoulder patterns and the 4-hour candle closing above the 200 EMA (Exponential Moving Average).
Source : Trading View
With this breakout on a smaller time frame and massive price surge, WIF on a daily time frame also gives a breakout of trendline and bullish double bottom pattern. However, this breakout on a daily time frame makes the WIF token more bullish and also clears a path to soar. According to analysis, there is a high chance that in the coming days, WIF could surge more than 30% and may also hit the $4.6 level.
Despite the massive price surge in WIF tokens, as of now, the overall cryptocurrency market is experiencing upside momentum. Top cryptocurrencies like Bitcoin, Ethereum, Solana, and Binance Coin experienced a price surge of over 9%, 7%, 8%, and 5% respectively in the last 24 hours.