Dogwifhat (WIF), a meme coin built on the Solana blockchain, has taken the meme coin world by storm. In a stunning 24 hours, WIF surged a staggering 50%, reaching a price of $2 and achieving a market cap of $2 billion. This remarkable feat cements WIF’s position as the first major meme coin to surpass the highly anticipated $1 mark.
Traditionally, meme coins, known for their large circulating supplies, haven’t breached the $1 threshold. Popular meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) haven’t yet crossed this psychological barrier. WIF’s achievement marks a significant shift in the meme coin landscape.
Also Read: Meme Coins Make a Meme-orable Comeback: FLOKI Up 300%+, WIF Soars 400%+ in 7 Days!
Binance Listing Fuels the Rise
A crucial factor contributing to WIF’s meteoric rise is its recent listing on the world’s leading cryptocurrency exchange, Binance. The first day on Binance witnessed a whopping $219 million in WIF trades, propelling the meme coin to an impressive $2.24 and a market cap exceeding $2 billion within a mere three months.
WIF is currently riding a wave of immense demand, boasting a daily trading volume of $489 million. While short-term indicators suggest potential overbought conditions, the Chaikin Money Flow (CMF) reveals a steady influx of liquidity, supporting the ongoing price rally.
WIF’s recent performance paints a picture of consistent bullish momentum. With 20 out of the last 30 days closing in the green, representing 67% of the observed period, investor confidence and interest in WIF are demonstrably on the rise.
The Verdict? Cautious Optimism: Backed by substantial liquidity and a strong market cap, WIF appears well-positioned for future price movements. However, experts advise caution when predicting a rapid surge to $3 in the immediate future. While the meme coin craze continues to unfold, keeping a close eye on WIF’s developments is crucial for any crypto enthusiast.
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