Dogwifhat Surges 20% This Week, Trader Anticipates It Will Soar Above $5

Dogwifhat (CRYPTO: WIF), reached a market capitalization of $4 billion following a 20% increase in its price over the last seven days, with at least one trader signaling a bullish prediction for the asset.

What Happened: According to Lookonchain analytics, significant investors used 10,000 SOL tokens, which amounted to $1.91 million, to acquire 776,830 WIF tokens at a value of $3.18 million on March 20. These investors are looking at an unrealized profit margin of $1.27 million at present.

A seasoned cryptocurrency aficionado underscored Dogwifhat’s resilience against Bitcoin in a recent social post, suggesting that when Bitcoin exceeds $70K, it’s highly probable that WIF could surpass the $5 threshold in its next bullish phase.

An anonymous trader shared a potential trading idea for WIF.

In Addition: Noteworthy is Dogwifhat’s Shorts Liquidations Soaring as Prices Rise, Steering Away from Dogecoin’s Path

Why It Matters: Coinglass data indicates that Dogwifhat saw liquidations worth $1.94 million, with the majority of $1.34 million stemming from long position liquidations, signaling investor optimism for continued upward movement.

Dogwifhat recorded a remarkable 116% increase over the month, momentarily getting close to the $5 milestone before experiencing a minor pullback.

Contrarily, the closest competing canine-inspired currency, Shiba Inu (CRYPTO: SHIB), witnessed a 24% decline in the same period but still holds a $12 billion lead in market cap over Dogwifhat. Yet, the pace at which Dogwifhat is closing this gap has surpassed predictions made at the commencement of 2024.

Despite the absence of pragmatic applications or adoption pathways, meme coins like these typically follow the broader cryptocurrency market trends in terms of price fluctuations.

Looking Ahead: How meme cryptocurrencies like Dogwifhat and Bitcoin, as a class of assets for institutions, will develop are set to be key discussion points at the forthcoming Benzinga Future of Digital Assets event slated for November 19.

Up Next: Surprising Turn of Events: Ethereum Proponent Astonished by Dogwifhat Trumping Blockchain’s ‘Genuine Verifiable Cash Flows’

AI-Generated Image courtesy of Midjourney.