- Dogwifhat (WIF) rose over 56% this week, showing strong bullish trends
- Solana memecoins outperformed Base memecoins, with Solana memecoin market cap at $9.02 billion
The popular dog-themed meme coin Dogwifhat was launched in 2023 [WIF] is making headlines these days for its remarkable price increase.
The exponential rise of WIF
According to CoinMarketCapWIF has risen by more than 56% in the past week. Moreover, the daily chart showed a bullish trend, with green candlesticks underscoring an increase of over 3% in the last 24 hours alone.
To confirm this trend, AMBCrypto analyzed technical indicators such as the Relative Strength Index (RSI). At the time of writing, the price was in the overbought zone around the 61 levels.
Source: TradingView
For those unfamiliar, when a token is in overbought or oversold territory, it usually tends to follow a pullback or a trend reversal.
And with the Bollinger Bands widening, there seemed to be a clear indication of increased price volatility. Simply put, the bears could soon regain control of the market from the bulls in the coming days.
The crypto community remains optimistic
Despite concerns about a possible trend reversal, crypto analysts are quite optimistic about WIF.
According to an Dami-Defi,
“$WIF is back above the accumulation range after showing so much strength. This is a crucial support that it must maintain. If we see a good weekly close above this level, $WIF will catapult.”
Repeating the same, Asad SaddiqueCryptonary’s CTO added:
“$WIF from $0 to $4.9 billion market cap in ~7 months. it has endured 5 or 6 corrections of >70% as many other dog coins have challenged the throne, but in doing so WIF has solidified itself as one of the leading dog coins.
Highlighting the limited retail presence in the market, Saddique also said that a rise in Bitcoin’s price above $100,000 could increase retail interest. He concluded,
“I remain convicted and overexposed with a basket of dog coins and believe the next six to twelve months will be great for the entire dog-themed meme category.”
Solana’s memecoin dominance
In the meantime, Solana-based memecoins are currently all outpacing their counterparts, such as those on the Base blockchain.
According to Coin geckothe market cap for Solana memecoins reached $9.02 billion, reflecting a 10.6% increase in the past 24 hours. On the contrary, Basic memecoins had a market cap of “only” $1.82 billion.
AMBCrypto’s analysis of Santiment’s data further supported this trend. This showed that the RSI for BRETT, a Base-based memecoin, was lower compared to WIF, a Solana-based memecoin.
Source: Santiment