Is It Too Late to Invest in DogWifHat? WIF Price Eyes New Highs as New Solana Meme Coin Raises $3M
The potential breakout of the popular Solana meme coin, DogWifHat ($WIF), is currently being hindered by strong resistance at the $4 mark, as indicated by this week’s price chart.
With a market capitalization of $4 billion, DogWifHat is the fourth largest meme coin. It reached $4 yesterday morning UTC and maintained that price for about an hour before falling to its current price of $3.39, representing a decrease of over 15% according to the data.
Although DogWifHat experienced a 24-hour decline of 10.5%, which is in line with the overall depreciation in the meme coin market, it is still approximately 17% higher than it was at this time last weekend.
Bonk ($BONK), the second largest Solana meme coin, saw an 18% drop overnight and a 6% drop over the course of the week.
Dogecoin ($DOGE), the original Shiba Inu doge meme-referencing coin, experienced a more modest intraday loss of 4% within a 4.6% drop for the week as it currently trades at $0.1585.
In general, most cryptocurrencies are following the trend of Bitcoin ($BTC), which experienced a 0.5% dip overnight and a 3% decrease over the past seven days.
Looking at DogWifHat’s trading chart, we can observe that the token has declined by about 30% over the past three months from its all-time high of $4.83, which was set on March 31.
Despite this decline, the price seems to be forming a consolidation pattern, indicating potential stabilization before the next significant movement. The token is facing strong resistance at both the $3.50 and $4 price ranges, but its support threshold has been steadily increasing from $2 to $2.50. This growth aligns with the rising demand for Solana meme coins following the successful launches of several coins on the network in the past two months.
DogWifHat’s recovery is being fueled by Sealana, the next viral Solana meme coin. The appeal of DogWifHat lies in its $4 billion market capitalization, representing a new breed of profitable cryptocurrencies known as Solana meme coins. Within a year of their launch, coins like DogWifHat, Bonk, Book of Meme, and Popcat have all risen to become top ten meme coins.
Another Solana meme coin, Slothana, which is targeted at stoners, recently raised an impressive $15 million in a one-month crypto presale.
Sealana, a spin on South Park’s viral Gamer Guy character, has already raised over $3 million in a hilarious presale. Gamer Guy, known for his milk-bottle glasses, screen-locked stare, messy room, and large size, has become a symbol of excessive screen use. The recent approval of Ethereum ETFs by the US SEC could further boost the demand for Solana meme coins.
Builders on Solana often claim that their network is the number one “Ethereum-killer,” and it is highly likely that a Solana ETF will receive approval in the US. If a gold rush for Solana meme coins ensues, Sealana could finally emerge from its metaphorical basement and embark on the pursuit of the American dream.
Stay updated on the latest developments regarding Sealana’s X account.
You can purchase Sealana on the official website.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. There is a possibility of losing all of your capital.