Analysts predicted further growth of the Dogwifhat token, which increased by 2000%

Editor’s note: not financial advice!

The largest Solana-based memecoin, Dogwifhat (WIF), has surpassed PEPE in terms of market capitalization, but still lags behind DOGE and SHIB. According to analysts, the RSI and EMA lines indicate a steady uptrend that could lead WIF to $ 4.7.

The WIF token has established itself as a leading memtoken in the Solana blockchain ecosystem: its market capitalization is twice that of its closest competitor BONK. In 2024 alone, the price of the coin soared by more than 2000% - from $ 0.17 to $ 3.75. Dogwifhat has left behind such well-known memo coins as FLOKI and PEPE, which grew by 558% and 455%.

Although WIF’s market capitalization is still five times smaller than SHIB’s, the dynamic development of the Solana ecosystem suggests that the asset’s price could rise even higher. Over the past few days, the weekly Relative Strength Index (RSI) has dropped slightly. This suggests that although the WIF rate is rising, its momentum is not overheated yet, which makes it possible for the rally to continue.

The last time Dogwifhat had a daily drop in the 7-day RSI, there was a significant price spike of more than 100%. If the scenario repeats itself, memecoin will update its historical high again.

However, analysts recommend that Dogwifhat owners be careful. Given the high volatility of the memtoken price, a change in market sentiment or a sell-off by major players could lead to a correction and trigger a drop to $ 2.12.

In early March, a well-known crypto analyst and trader Bluntz shared his bullish sentiments about the WIF altcoin. According to Bluntz, the dogwifhat (WIF) memecoin is ready for a significant surge in value.