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Despite the top crypto tokens' lackluster price movement since the beginning of the month, the meme coin category has seen a major bounce back, with top tokens adding considerable value to their portfolios.
The current dogwifhat price stands at $3.90, reflecting a decrease of -2.74% over the past 24 hours. This recent price movement has led to a market capitalization of $3.94 billion for the token. Year-to-date, dogwifhat has seen a remarkable change of 2232.57%, highlighting its significant growth and market performance.
The price of WIF has seen a remarkable uptrend in March, soaring by around 200% during the month. The memecoin closed out March on a strong note, hitting a new all-time high of $4.85 on the final day. However, April began with a bearish tone as the broader crypto market experienced a significant reversal, with Bitcoin's price dropping below $66,000, marking a 6.5% correction in just a day.
Despite this, the memecoin category, including WIF, showed signs of recovery in early April. WIF's Simple Moving Average (SMA) in the 4-hour timeframe indicated a bullish convergence, suggesting a potential uptick in its price. The Relative strength index (RSI) is at 49.10 indicating a neutral trend, pointing to uncertainty in WIF's future price action. The major resistance level reaches $3.983 and it goes to down the support level at $3.50.
Dogwifhat is currently experiencing a strong bullish trend, suggesting solid fundamentals and a positive outlook. Despite some fluctuations, the coin's crypto price is expected to continue rising, potentially attracting significant attention within the industry. Dogwifhat could reach a new high above US$4.86 by the end of 2024, provided the current positive momentum persists. However, the coin's price could be negatively impacted by new regulatory measures or a shift to a bearish trend, potentially dropping to as low as $2 by the year's end. These predictions underscore the importance of monitoring market trends and regulatory developments, as they can greatly influence the price performance of meme coins like dogwifhat.
A deep-pocketed investor is making significant moves in the Solana (SOL) memecoin market, according to on-chain data. The investor purchased 181 million cat in a dog's world (MEW) after buying 776,830 dogwifhat (WIF) less than two weeks earlier. The investor spent 6,000 SOL ($1.15 million) on MEW and 10,000 SOL ($1.91 million) on WIF, with an unrealized profit of $1.27 million on WIF. Additionally, the investor made 4,893 SOL ($934,000) on SLERF.
MEW is currently valued at $0.007718, up over 45% in the past day, while WIF is trading at $3.96, down nearly 7% in the last 24 hours. Solana-based meme token SLERF is trading at $0.47, down nearly 11% in the last 24 hours.
The Solana memecoin ecosystem is gaining attention, with some believing that MEW could be listed on Coinbase before WIF, which is currently the largest memecoin on Solana. The Flow Horse, a pseudonymous trader, suggests not underestimating projects with strong fundamentals, even if they seem unconventional.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
