Dogwifhat spiked more than 58% in the past week and 3.8% on last check Saturday. The dog-themed meme coin faces strong resistance at $1.6809.
Dogwifhat (WIF), a token inspired by a meme featuring a Shiba Inu dog with a pink-knitted hat, hit an all-time high of $4.83 in March.
Since launching in December 2023, WIF’s market capitalization has touched $4 billion, making it the third-largest meme coin after Dogecoin (DOGE) and Shiba Inu (SHIB).
Technical indicators suggest bullish momentum with key moving averages providing support and resistance. The Relative Strength Index (RSI) and Stochastic also signal continued upward trends.
Speculation about Dogecoin’s potential integration into X’s payment service has driven recent surges in Dogwifhat’s price. This speculation impacts WIF due to both being dog-themed meme coins.
Dogwifhat operates on a decentralized governance model, allowing token holders to vote on proposals and influence the coin’s direction. This model enhances community engagement and ownership.
At press time, Dogwifhat is trading at $2.51 with a 24-hour trading volume exceeding $730 million. Dogecoin has also recorded decent gains this week, rising 16.1% over the last seven days and 6.5% in the past 24 hours.
Dogecoin is currently trading at $0.126, driven by increased trading activity and renewed interest from retail investors. Meme coins primarily derive their value from speculation rather than real-world utility.
PEPE and FLOKI Record Gains
Floki (FLOKI), another meme coin, has surged by 33% over the past week. The rally aligns with the approval of several Ethereum ETFs, spurring interest in meme coins.
Floki’s appeal is bolstered by a diverse ecosystem, including a play-to-earn game, staking options, and future features like a trading bot with a buyback mechanism. At $0.000188, Floki’s market cap is over $1.8 billion, making it a significant player in the meme coin market.
PEPE has also surged by 38% in the past week, driven by substantial market inflows and positive investor sentiment. Launched in April 2023, PEPE has gained 21,867%, reaching a market cap of over $5 billion.
Currently ranked 25th among top cryptocurrencies, PEPE has rallied over 6.8% in the last 24 hours. The overall sentiment in the cryptocurrency market remains positive, driving interest in meme coins.
