Experts highlight dogwifhat token, whose capitalization has reached a record level

According to CoinGecko, the market capitalization of the dogwifhat (WIF) token built on the Solana blockchain has reached $ 997 million. At the time of writing, the value of the meme coin has risen to $ 1.28.

WIF managed to grow by 26.9% in a day, 246.8% in a week, and 277.4% in a month. A specialist known as Bluntz announced that the WIF token demonstrates maximum values every time an asset completes a three-wave correction.

The trader expressed the opinion that since its inception, dogwifhat has been trading with a large accumulation base, with constant impulsive rises and clear back-and-forth movements, each time forming a higher local low. The specialist suggests that WIF is on the verge of breaking out of the ascending triangle on its way to rising to $ 1.40.

Bluntz is a practitioner of Elliott Wave Theory, an approach to technical analysis that attempts to predict future price action by following crowd psychology, which tends to manifest itself in the form of waves. According to the theory, a bullish asset tends to have a three-wave corrective movement before the next stage of growth.