The cryptocurrency markets are no stranger to explosive growth among meme-themed projects, as seen with the parabolic rise of Shiba Inu and Dogecoin. Now, a new meme coin has entered the chat and is posting staggering returns—the aptly named dogwifhat token.
Dogwifhat (WIF) is the latest animal-themed token, causing a frenzy amongst speculators. Over the past month, WIF has surged an incredible 900% as investors seek the next Doge-like cash cow.
After trading sideways between $0.28 and $0.46 for a period, the WIF broke in late February when prices exploded over 150% in three days. More sideways action ensued before bulls reclaimed control, igniting a pump over the $2 level.
Can Dogwifhat hit $10?
On March 7th, Dogwifhat finally reclaimed the psychologically important $2 mark after several failed attempts earlier this year. With buyers remaining firmly in control, analysts are eyeing a run towards $2.50 and $3 next if momentum holds.
Fueling optimism are highly favorable on-chain data and technicals backing the meme coin’s continued ascent. The MACD indicator shows strong buying pressure and bullish convergence, portending that this dog has more bark left.
Of course, chasing such outsized returns does not come without risk. Profit-taking could spark sharp corrections, especially given WIF’s existing volatility. But thus far, dip buyers have remained eager to pile back in and propel new highs. If current trajectories hold, dogwifhat could reach the $3 mark as soon as this weekend.
Meme mania striking twice remains to be seen, but WIF continues to exhibit parabolic price action reminiscent of crypto’s most notorious canines.
