Important facts:
-
Dogecoin (WIF) surged 64% last week and is the most appreciating crypto asset in 7 days.
-
WIF’s price would need to increase by 5x to overtake Shiba Inu (SHIB) in market cap.
The Solana network’s dogwhip memecoin (WIF) reached a new all-time high (ATH) today, March 29, reaching $4 (USD). And although it later dropped slightly to US$3.69, it is the cryptocurrency that is showing the best performance among the major cryptocurrencies.
With a price increase of 18% in 24 hours, 64% in 7 days and 400% in a month, WIF is known for being the highest growth cryptocurrency With the highest capitalization in such a period of hundred. Below, you can see its performance.
The price increased due to demand, making it the 39th cryptocurrency with the highest market capitalization at US$3.6 billion. This leaves it in third place among memecoins, just behind Dogecoin (DOGE) and Shiba Inu (SHIB) and above PEPE and FLOKI.
The increase in WIF comes amid greater market interest in memecoins and a rise in the price of Bitcoin (BTC) as reported by CryptoNoticias. The latter is approaching its ATH which was reached two weeks ago at US$73,000, increasing demand for cryptocurrencies in general.
Bitcoin bull cycles have historically boosted the entire market, especially some cryptocurrencies that have become “hot”. This could be the case for WIF, which was launched in late 2023. Other memecoins like DOGE and SHIB, which were booming in the last bull cycle, are now far away from their ATH.
WIF could reach new ATH if Bitcoin bullish trend continues
Apart from the growing demand for WIF, it is unlikely to overtake SHIB in capitalization, as it would have to multiply it by 5 times. This would mean that the price of WIF would rise to US$18. In any case, if Bitcoin continues its rising trend that is driving demand for the cryptocurrency, it could reach new all-time high prices.
Furthermore, this memecoin has a limited supply of approximately 998.9 million units, which has strengthened the demand.
However, it should be taken into accountyour market is speculative, since Memecoin has no use. This refers to a meme featuring only one dog. a user on a social network commented That its value goes up just because the dog has a cute hat.
If its price experiences a decline, it may momentarily stop at US$2, a level that acts as support. This may be possible due to its traders making profits due to its remarkable growth.
In relation to this, the RSI (Relative Strength Index), a metric that measures the speed of price movements, is at 61.20, close to its signal line. When it exceeds the 70 level, it indicates that the asset may be overbought and is preparing for downward pressure.
