July 5, 2024

Cryptocurrency News

Solana-Based Meme Coin Dogwifhat

admin03 mins
  1. As reported by U.Today, the meme coin Dogwifhat (WIF) on the Solana blockchain has experienced an unexpected increase of more than 5% in value, even as the overall cryptocurrency market has experienced a slowdown. At a time when the market has been relatively flat, this unexpected bounce is a welcome breath of fresh air. Right now, there is a lot of stagnation in the bitcoin market, with several big assets not moving at all. Bitcoin and Ethereum, the two most popular cryptocurrencies, have kept their prices stable, which other cryptocurrencies are following. Even after a day, the market performance is still all over the place, with several cryptocurrencies showing losses.
    The dramatic price increase of Dogwifhat has garnered attention despite the market’s poor activity. Since Bitcoin’s price dropped to its lowest point in over a month—$2.20—on Friday, WIF has been rising at a steady clip. As this piece went to press, Dogwifhat had reached intraday highs of $2.55 and was continuing its rally, up 5.16 percent in the past day to $2.53. If today’s trade ends positively, WIF might have its second day of gains in a row. At $2.52 billion in market capitalization, the Solana meme coin is the 41st biggest cryptocurrency at present.
    The news and hype cycles might cause meme currencies to be very volatile. It is possible that Galaxy Digital CEO Mike Novogratz’s recent memetic speech, in which he obliquely referenced Dogwifhat, contributed to Dogwifhat’s unexpected comeback. Novogratz tweeted about the dog and inquired where he could get one of the hats—ideal for a friend or family member—to wear. In response to the X user’s “dogwifhatstore,” Novogratz said “Gracias.” As Dogwifhat keeps climbing, it can run into problems around higher price points, like the $2.94 daily simple moving average (SMA50), especially if market sentiment stays the same. Whether Dogwifhat can keep going strong or if this increase is just ephemeral is an open question.

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