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Shiba Inu Killer Dogwifhat (WIF) has recovered significantly since mid-September. Notably, the meme coin is up around 32% over the past seven days, helping it outperform many cryptocurrencies and meme coins. This rally has notably given rise to many bullish forecasts for the cryptocurrency.
Dogwifhat back in the spotlight
Dogwifhat’s rise to prominence began in early 2024, as the coin community embraced him as a “Shiba Inu killer.” Dogwifhat, which started the year around $0.15, was thrust into the spotlight in March and April as part of the craze around Solana-based meme coins in the first half of 2024. This saw the meme coin increase by over 3,100% to peak at $4.84. . Although the price of the meme coin has corrected since then, it continues to be popular among coin investors and is supported by a strong online community.
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Dogwifhat saw incredible gains in September and is currently up 9.5% in the last 24 hours. Renowned cryptocurrency analyst Rekt Capital suggests that Dogwifhat’s recent breakout of its multi-month downtrend is just the beginning. According to him, the move is one of the first signals of a broader altcoin rally, which he predicted in a previous analysis. Additionally, the analyst noted that WIF is poised to begin a new macro bullish trend.
The only other time $WIF broke out of its downtrend and reversed 4H 200 in February.
After that, the price of $WIF gained 1600% in 48 days.
Looks like we’re about to find out if history repeats itself. pic.twitter.com/MhvWjHA9SS
– Sito (@0xyusu) September 26, 2024
Adding to the positive sentiment, another crypto expert, Gumshoe, highlighted a key development of WIF’s market activity. According to him, $35 million worth of Dogwifhat was transferred from crypto exchange Binance to self-custodial wallets over the past seven days. Such withdrawal transfers suggest growing investor confidence in holding WIF for the long term.
According to a WIFUSDT chart posted on social media platform happened, it was in February, and it led to a staggering 1,600% gain over 48 days. Sito speculated that if history were to repeat itself, Dogwifhat could once again experience a massive price spike, potentially reaching $25 in the coming weeks.
The only other time $WIF broke out of its downtrend and reversed 4H 200 in February.
After that, the price of $WIF gained 1600% in 48 days.
Looks like we’re about to find out if history repeats itself. pic.twitter.com/MhvWjHA9SS
– Sito (@0xyusu) September 26, 2024
What’s next for Dogwifhat?
At the time of writing, Dogwifhat (WIF) is trading at $2.4. Replicating a 1,600% jump might be more difficult this time around. Given current price levels, it would take a much larger influx of capital to achieve such a dramatic increase in value compared to earlier this year.
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However, this does not take away from the fact that the meme coin is on the cusp of continued upward momentum. The first step is to surpass the July order block around $2.665. A successful breakout above this level would pave the way for additional price gains up to its recent all-time high of $4.84.
Featured image created with Dall.E, chart from Tradingview.com
