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Solana Meme Coin Dogwifhat (WIF) Soars 5% Amid Market Calm
Tomiwabold Olajide
This surprising recovery comes as a breath of fresh air as the market witnesses a period of stagnation
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In a surprising move, Dogwifehat (WIF), a meme coin on the Solana blockchain, is up more than 5% despite a general slowdown in the broader cryptocurrency market. This surprising recovery is a breath of fresh air as the market witnesses a period of stagnation.
The cryptocurrency market is currently experiencing a lull, with many major assets showing little to no movement. Bitcoin and Ethereum, the market leaders, kept their prices stable, setting the tone for other cryptocurrencies. Market performance remains mixed, with some cryptocurrencies recording losses over a 24-hour period.
However, amid this market’s weak action, Dogwifhat managed to attract attention with its notable price increase.
WIF has been rising steadily since hitting a low of $2.20 in Friday’s market decline, which saw Bitcoin fall to its lowest price in nearly a month, triggering a flurry of liquidations of long cryptocurrency positions .
WIF/USD daily chart courtesy: TradingView
At the time of writing, Dogwifhat was extending its rally, rising 5.16% in the last 24 hours to $2.53, having reached intraday highs of $2.55. If today closes in the green, WIF could mark its second consecutive day of gains. The Solana meme coin is currently ranked as the 41st largest cryptocurrency with a market valuation of US$2.52 billion.
Meme coins often experience volatility based on news and hype cycles; Dogwifhat’s surprising recovery may have been aided by a recent memetic statement made by Galaxy Digital CEO Mike Novogratz on X, which indirectly alluded to Dogwifhat.
In a tweet, Novogratz asked: “Does anyone know where I can buy one of the dog hats? Perfect gift for someone I know.” A user X replied “dogwifhatstore”, to which Novogratz replied “Gracias”.
As Dog hat continues to rise, it may encounter resistance around higher prices, particularly at the daily 50 SMA at $2.94, especially if overall market sentiment does not change. As the scenario evolves, it remains unknown whether Dogwifhat will be able to maintain its momentum or if this increase is temporary.
About the author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging estimated market trend forecasts. Tomiwabold graduated from the University of Lagos.