Popular memecoin Dogwifhat (WIF), built on the Solana (SOL) blockchain, could be in for a wild ride according to economist Henrik Zeberg. In a recent post to his social media platform X, Zeberg, who boasts over 166,000 followers, predicts a near-term surge of over 337% for WIF.
#WIF Remember ….."Told ya"??
— Henrik Zeberg (@HenrikZeberg) November 25, 2024
Now get ready for the even bigger move. WIF seems to have concluded w2 and is now setting up for MONSTER move 🚀🚀🚀
Next level in few weeks time…. ~12-13!
Let's go!! 💪 https://t.co/SZTjlV3pTS pic.twitter.com/DfYvnUD1gO
Zeberg bases his bullish forecast on the Elliott Wave Theory, a technical analysis framework that suggests assets progress through five distinct wave patterns. He believes WIF is currently concluding wave two, setting the stage for a “monster move” in the coming weeks, potentially propelling the price to around $12-$13.
This isn’t Zeberg’s first optimistic prediction for WIF. Back in September, he anticipated a price increase to a staggering $79.26 based on the completion of an “ABCDE triangle,” another Elliott Wave pattern signifying consolidation followed by a potential breakout.
However, it’s important to note that WIF is currently trading at $2.97, down 11.1% in the last day. Despite the dip, it maintains a market cap of $2.9 billion, placing it at the 52nd position among all cryptocurrency projects.
While bullish on WIF, Zeberg throws some cold water on the broader crypto market. He cautions against analysts predicting a multi-year bull run, labeling the current market a “bubble” with a limited lifespan before an inevitable crash.
I told you to Relax and Take it easy! 😉😄
— Henrik Zeberg (@HenrikZeberg) November 23, 2024
Now enjoy!
Steer clear of the “analysts” who believe in multi-year run.
It is a bubble – and it will run for limited amount of time – and then CRASH! pic.twitter.com/0kSQ3KFhFH
This mixed message highlights the inherent volatility of the cryptocurrency market. While Zeberg sees potential for significant gains in WIF specifically, his overall outlook for the broader crypto market suggests a more cautious approach might be prudent for investors.
Key Takeaways:
- Economist Henrik Zeberg predicts a potential 337% increase for Dogwifhat (WIF) in the near future.
- Zeberg bases his forecast on the Elliott Wave Theory, a technical analysis framework.
- He also predicted a price target of $79.26 for WIF in September based on another Elliott Wave pattern.
- Despite his optimism for WIF, Zeberg warns of a potential crypto market bubble and advises caution.
Also Read: Robinhood Lists Solana-Based Meme Coin Dogwifhat (WIF), Joining Growing Crypto Portfolio Amid Easing Regulatory Climate
Is WIF a worthy investment?
Zeberg’s prediction offers a compelling case for WIF, but it’s crucial to conduct thorough research before investing in any cryptocurrency. Consider factors like project fundamentals, market trends, and your own risk tolerance before making any decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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