Solana-based Meme Coin dogwifhat (WIF) Aims for New ATH Following Listing on Robinhood Crypto

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As a seasoned investor with over two decades of experience under my belt, I must say that the meme coin market is one of the most fascinating and dynamic sectors in the crypto space right now. The rise of projects like WIF, Bonk, Popcat, and others on the Solana network is nothing short of remarkable.

In the recent surge of meme coins on Solana, one notable project, Dogwifhat (WIF), has risen as a leading altcoin over the past year. This mid-cap memecoin, valued at approximately $3.27 billion in total, experienced a 40% increase in its daily average trading volume to approximately $1.21 billion during the early New York session on November 25.

Consequently, the WIF price suggests an upcoming surge towards a fresh record peak in the short run. In fact, just previously, the WIF price touched its previous all-time high of approximately $4.83 and then retreated to a support level above $3.2 within the last fortnight.

WIF Gets Listed on Major Crypto Exchanges

Today, Robinhood Markets Inc (NASDAQ: HOOD) declared that the meme coin WIF is now tradable on its cryptocurrency platform. This means that millions of Robinhood users can now invest in WIF tokens alongside other well-known crypto initiatives such as Shiba Inu (SHIB), Pepe (PEPE), and Dogecoin (DOGE). Here’s a quick look at their current market statistics:

GM. dogwifhat ($WIF) is now available to trade on Robinhood Crypto.

— Robinhood (@RobinhoodApp) November 25, 2024

The addition of WIF to Robinhood’s crypto listings significantly strengthens its position in the rapidly expanding Solana meme coin market, which currently has a total market capitalization of approximately $20 billion and daily average trading volume exceeding $8.6 billion. Other notable competitors in this space on the Solana network include BONK ($0.000045), with a 24-hour volatility of 1.3% and a market capitalization of $3.40 billion, as well as Popcat ($1.36), showing a 3.9% daily volatility, a market cap of $1.34 billion, and a 24-hour trading volume of $139.16 million.

However, despite this, the WIF project has gained substantial backing from the internet community, even managing to secure a listing on major trading platforms like CEX. Previously, the price of WIF experienced strong bullish movement after getting listed on Binance and Coinbase Global Inc’s (NASDAQ: COIN) exchanges.

Moreover, it’s worth noting that WIF can also be traded on various other cryptocurrency platforms such as OKX, KuCoin, Gate.io, Bitget, Bybit, and MEXC, with additional options available. This expansion has significantly boosted the overall liquidity for WIF, surpassing $28 million across numerous Decentralized Exchanges (DEXes), primarily driven by Raydium on Solana.

Over the past day, over 202,000 individuals held the WIF tokens, with approximately 3,056 of them purchasing and 2,756 choosing to sell.

Midterm Targets

The widespread acceptance of meme coins is likely to influence the value of WIF, which has struggled compared to BONK over the last while. From a technical perspective, the price pattern of WIF resembles that of Bitcoin, a trend observed in the past few months.

Big Upside for $WIF by 2025

If #WIF confirms its breakout, price action could extend to $10+ and potentially stretch to $18

-Sustained rally builds above $4.55-Support levels align at $2.11-$2.35-Risk lies below $0.333

Strategic patience may reward investors in this cycle

— InvestingHaven (@InvestingHaven) November 25, 2024

In simpler terms, since Bitcoin’s price is currently in a discovery phase, it’s likely that WIF (presumably another cryptocurrency) will experience a sharp increase (parabolic rally) soon. Additionally, Bitcoin’s dominance suggests an upcoming reversal, which could trigger the long-awaited altcoin season.

During the mid-term, the WIF price is attempting to transform its all-time high (ATH), around $4.8, into a level of support.

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2024-11-25 20:03