Shiba Inu Killer Dogwifhat (WIF) has experienced a significant rally since mid-September. Remarkably, the meme coin has surged by around 32% in the last week, allowing it to surpass many other cryptocurrencies and meme coins. This rally has led to an influx of bullish forecasts for the cryptocurrency.
Dogwifhat Takes Center Stage
Dogwifhat’s ascent began in early 2024, gaining traction in the meme coin community as a “Shiba Inu Killer.” Starting the year at approximately $0.15, it gained significant visibility in March and April amidst the excitement around Solana-based meme coins during the first half of 2024. This drove the meme coin’s price to soar over 3,100%, peaking at $4.84. Although the price has corrected since, it remains favored by meme coin investors and is backed by a vibrant online community.
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Dogwifhat has shown remarkable gains in September, currently rising by 9.5% in the past 24 hours. Notable crypto analyst Rekt Capital suggests that the recent breakout from Dogwifhat’s prolonged downtrend is just the beginning. He believes this movement indicates the onset of a broader altcoin rally, which he had anticipated in earlier analyses. Additionally, he noted that WIF is on the brink of initiating a new macro uptrend.
The only other time $WIF broke out of its downtrend and flipped the 4H 200’s was back in February.
After that, the price of $WIF surged 1600% over 48 days.
Let’s see if history repeats itself. pic.twitter.com/MhvWjHA9SS
— Sito (@0xyusu) September 26, 2024
Further supporting the positive sentiment, another crypto analyst, Gumshoe, pointed out a significant market activity in WIF. He reported that in the past week, $35 million worth of Dogwifhat has been moved from the crypto exchange Binance to self-custody wallets. Such transfer activity indicates a growing investor confidence in holding WIF over the long term.
According to a WIFUSDT chart shared on social media by crypto trader known as Sito, WIF’s breakout involves flipping the 200-moving average on the 4-hour chart. The last occurrence of this technical signal was in February, which resulted in an astonishing 1,600% increase over 48 days. Sito speculated that if history is to repeat, Dogwifhat might once again see a substantial price surge, potentially reaching $25 in the upcoming weeks.
The only other time $WIF broke out of its downtrend and flipped the 4H 200’s was back in February.
After that, the price of $WIF surged 1600% over 48 days.
Let’s see if history repeats itself. pic.twitter.com/MhvWjHA9SS
— Sito (@0xyusu) September 26, 2024
What Lies Ahead for Dogwifhat?
As of now, Dogwifhat (WIF) is trading at $2.4. Achieving a 1,600% increase may be more difficult this time. Given the current price levels, it would necessitate a significantly larger influx of capital to realize such a drastic increase in value compared to earlier in the year.
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Nevertheless, this does not diminish the potential for the meme coin to continue generating upward momentum. The first hurdle is to break above a July order block around $2.665. A successful breach here could pave the way for further price gains toward its recent all-time high of $4.84.
Featured image created with Dall.E, chart from Tradingview.com
