As a seasoned crypto investor with memories of the 2017 bull run still fresh in my mind, I must admit that the recent surge of Dogwifhat (WIF) has piqued my interest once again. Having witnessed the meteoric rise and fall of many altcoins over the years, I can’t help but feel a sense of déjà vu when I see WIF posting such impressive gains.
The digital currency known as Shiba Inu (WIF) has seen a significant increase in value since mid-September. Particularly, it has surged approximately 32% over the past week, outperforming numerous other cryptocurrencies and meme coins. This surge has sparked optimistic predictions for the future of this digital currency.
Dogwifhat Back In The Spotlight
Dogwifhat gained notoriety starting in early 2024 when it was dubbed the “Shiba Inu Killer” within the meme coin community. Initially valued at approximately $0.15, Dogwifhat received significant attention during March and April due to the hype surrounding Solana-based meme coins for the first half of 2024. This surge in popularity led to a remarkable increase of over 3,100%, peaking at $4.84. Although its price has since dropped, Dogwifhat remains popular among investors in meme coins and is backed by a robust online following.
Dogwhistle, a cryptocurrency, has experienced remarkable growth in September and is currently up by 9.5% over the past 24 hours. As per renowned crypto expert Rekt Capital, this recent breakout from Dogwhistle’s prolonged downtrend might just be the start of things. He believes that this development could be an early indicator of a wider rally among altcoins, a trend he had predicted in his previous analysis. Moreover, the analyst pointed out that Dogwhistle is about to initiate a fresh long-term uptrend.
The only other time $WIF broke out of it’s downtrend and flipped the 4H 200’s was back in February.
After that the price of $WIF gained 1600% over the course of 48 days.
Looks like we’re about to find out if history does repeat itself.
— Sito (@0xyusu) September 26, 2024
As a researcher delving into the dynamic world of cryptocurrencies, I’d like to share an intriguing observation made by crypto expert Gumshoe regarding WIF. Over the past seven days, approximately $35 million worth of Dogwifhat has been moved from Binance into personal wallets, a sign of self-custody. This trend indicates a rise in investor confidence, suggesting that they are holding onto WIF for the long term.
Based on a WIF-SUSDT chart shared on social media platform X by a user known as Sito (a fellow crypto trader), WIF’s recent breakout has resulted in it flipping its 4-hour 200-moving average. This same technical move happened back in February, and it subsequently led to an incredible 1,600% increase over a period of 48 days. Sito predicts that if this pattern repeats itself, Dogwifhat might undergo another significant price spike, with the possibility of reaching $25 within the coming weeks.
The only other time $WIF broke out of it’s downtrend and flipped the 4H 200’s was back in February.
After that the price of $WIF gained 1600% over the course of 48 days.
Looks like we’re about to find out if history does repeat itself.
— Sito (@0xyusu) September 26, 2024
What’s Next For Dogwifhat?
As I write now, the cryptocurrency Dogwifhat (WIF) is valued at $2.4. Achieving another 1,600% growth could be more difficult this time. With present price points, it would take a significantly larger investment of funds to generate such a substantial surge in value compared to earlier in the year.
Despite not diminishing the truth that the meme coin is on the verge of a persistent rise, it’s important to note that surpassing a resistance level from July at approximately $2.665 is crucial. Overcoming this barrier would pave the way for further price increases, potentially reaching its previous all-time high of $4.84.
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2024-09-28 00:40