- WIF struggles but shows potential: After a 34% drop in January, WIF trades at $1.20, far from its $4.85 peak, though it surged 282% over the past year.
- Mixed market signals: Social media mentions of WIF have risen 45%, but whales have offloaded 12 milliontokens, creating uncertainty about future price action.
- Key price targets: WIF faces support at $1.10 and resistance at $1.50-$2.00. Analysts project a possible rebound to $4.01, offering significant upside if momentum returns.
Dogwifhat (WIF) was once a rising star in the meme coin space, but the market’s shift toward utility-driven projects has hit it hard. After a 34% decline in January, WIF now trades at $1.20, following a sharp 9.7% drop in the last 24 hours. Once at its peak of $4.85 in March 2024, WIF now sits 75% below that level. However, meme coins have a history of surprising rebounds—could WIF be next?
WIF’s Rise and Fall
Despite its recent struggles, WIF has shown impressive strength in the past. Over the last 12 months, the coin surged by 282%, which highlights the strong backing it once enjoyed. At its height, WIF boasted a $4 billion market cap, but today that figure is under $1 billion. Trading volume has also dropped significantly, from $650 million daily in March 2024 to around $120 million now. Even so, the coin still maintains a notable presence in the market.
Can WIF Reach $4 Again?
Opinions are split. Some dismiss WIF as a fading trend, while others see potential for a major comeback. CoinCodex data leans toward optimism, projecting that WIF could reach $4.01 next month—a staggering 233% increase from its current price.
For February, CoinCodex estimates an average price of $2.40, which would still represent a 100% gain. If these projections hold, WIF holders may be in for a significant recovery.
Social Sentiment vs. Whale Activity
Social media is a powerful driver for meme coins, and WIF is gaining traction once again. Mentions of “Dogwifhat” on X (formerly Twitter) have surged 45% in the past week, signaling renewed interest. However, whale activity paints a more cautious picture. Large holders have offloaded nearly 12 million WIF tokens over the last month, suggesting reduced confidence among major investors.
Meanwhile, smaller investors continue accumulating WIF, indicating a market at a crossroads.
Key Levels and Future Outlook
WIF faces a critical support level at $1.10—falling below it could push the price down to $0.85. On the other hand, resistance sits at $1.50 and $2.00. Clearing these levels could spark a bullish reversal, potentially targeting the $4.01mark forecasted by CoinCodex.
WIF’s journey is far from over. It has proven its ability to rally in the past, and if hype builds again, the price could surge once more. However, risks remain, especially with declining whale holdings and ongoing market volatility. For risk-tolerant investors, the rewards could be substantial if WIF manages to reclaim its former highs.
