- Dogwifhat gains 10%, surpassing $2.20, with a market cap above $2 billion after a seven-week low.
- Memecoin market sees a 6.8% rise, Dogwifhat remains 4th largest but holder growth slows.
- Analysts predict WIF could reach $3, driven by futures interest and bullish sentiment.
Dogwifhat (WIF) surged 10% over the past 24 hours, hitting $2.20 and pushing its market capitalization back above $2 billion, a milestone not reached in seven weeks. This rally occurred after WIF flipped a key resistance level at $1.96 on September 24, signaling further bullish momentum as the memecoin now eyes its next resistance target at $2.85.
Memecoin Market Rebounds, but Holder Growth Slows
The broader memecoin market also experienced a 6.8% increase in the past 24 hours, with its total market value crossing $51 billion. Despite its strong performance, Dogwifhat remains the fourth-largest memecoin by market cap, trailing behind top tokens like Dogecoin and Shiba Inu. However, data from CoinGecko shows Solana-based memecoins, including Dogwifhat and POPCAT, have outperformed others with substantial monthly returns.
Still, while WIF’s price action has been bullish, the token has not seen a significant influx of new holders. HolderScan data shows only 1.29% new holders were added in the past seven days, suggesting that the futures market may be driving the current rally.
Analysts Expect Further Price Surge
Market analysts have drawn parallels between Dogwifhat’s current rally and the memecoin frenzy seen earlier this year. Some predict that WIF could break past $3 in the near future. Henrik Zeberg, Head Macro Economist at Swissblock, noted that WIF is breaking out of a consolidation phase and sees potential for parabolic gains. Independent trader Dentoshi also highlights a key resistance at $3, suggesting that if the current rally continues, WIF could reach higher price levels in the coming days.
For now, WIF is testing critical price levels and may soon retest $3, with support expected at the $2.45-$2.50 range. Whether the token continues its upward trajectory or experiences a pullback will depend on how it performs at these resistance levels.
