Dogwifhat (WIF) has firmly established itself as the crypto’s headline meme coin after its price went interstellar last week, obliterating $1 and $2 milestones to ignite conversations around hitting $5 next.
In just one week, WIF posted an astonishing 222% rally to notch a new record high at $2.23, representing gains of over 1,100% in 2024 so far. Driving this virtually vertical ascent is a confluence of factors spanning its recent high-profile listing on Binance to rumors of a potential Robinhood addition.
Adding further upside pressure is the diehard WIF community, which mobilized across social media to cheer the meme coin’s success. Multiple influencers even endorsed WIF to their followers, triggering a bandwagon effect as new adopters rushed to participate.
Can Dogwifhat hit $5?
But sustaining this pace of parabolic growth remains an open question given the lack of fundamentals backing Dogwifhat currently, besides pure speculation.
Bulls will quickly point to technical indicators like the Relative Strength Index (RSI) piercing above 90 to signal extreme greed, typically marking asset bubbles. And with over 20 positive daily candles in the past month, no rally lasts forever before gravity kicks in.
Yet crypto has proven effective at defying logic to produce previously unthinkable price feats. If the stars align with Bitcoin surging towards its own milestone high and Robinhood rumors materializing, traders believe $5 sits firmly within reach as the next euphoric target.
Of course, calling tops is no easy feat. For now, the Dogwifhat locomotive continues full steam ahead while wagging its tail with joy. But savvy holders should consider taking some profits off the table because, when this meme coin reverses course, the drop could prove just as epic.
