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Shiba Inu Killer Dogwifhat (WIF) has rallied substantially since the middle of September. Notably, the meme coin has rallied by about 32% in the past seven days, allowing it to outperform many cryptocurrencies and meme coins. Notably, this rally has prompted many bullish forecasts for the cryptocurrency.
Dogwifhat Back In The Spotlight
Dogwifhat’s rise to prominence began in early 2024, as the meme coin community embraced it as a “Shiba Inu Killer.” Dogwifhat, which started the year around $0.15, was shot into the spotlight in March and April as part of the craze surrounding Solana-based meme coins in the first half of 2024. This saw the meme coin surging by over 3,100% to peak at $4.84. Although the meme coin’s price has corrected since then, it continues to be popular among meme coin investors and is supported by a strong online community.
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Dogwifhat has posted incredible gains in September and is currently up by 9.5% in the past 24 hours. Renowned crypto analyst Rekt Capital suggests that Dogwifhat’s recent breakout of its multi-month downtrend is just the beginning. According to him, this move is one of the first signals of a broader altcoin rally, which he forecasted in a previous analysis. Furthermore, the analyst noted that WIF is on the cusp of beginning a new macro uptrend.
The only other time $WIF broke out of it’s downtrend and flipped the 4H 200’s was back in February.
After that the price of $WIF gained 1600% over the course of 48 days.
Looks like we’re about to find out if history does repeat itself. pic.twitter.com/MhvWjHA9SS
— Sito (@0xyusu) September 26, 2024
Adding to the positive sentiment, another crypto expert, Gumshoe, highlighted a key development in WIF’s market activity. According to him, $35 million worth of Dogwifhat has been transferred from crypto exchange Binance into self-custody wallets in the past seven days. Such withdrawal transfers suggest growing investor confidence in holding WIF long-term.
According to a WIFUSDT chart posted on social media platform X by another crypto trader going by the name Sito, WIF’s breakout has seen the crypto flipping the 4-hour 200-moving average. The last time this technical move occurred was back 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 surge, potentially reaching $25 in the coming weeks.
The only other time $WIF broke out of it’s downtrend and flipped the 4H 200’s was back in February.
After that the price of $WIF gained 1600% over the course of 48 days.
Looks like we’re about to find out if history does repeat 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 challenging this time around. Given the current price levels, it would require 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 doesn’t take away the fact that the meme coin is at the cusp of a continued momentum to the upside. The first step is breaking above a July order block around $2.665. A successful break above this would set the stage for additional price gains up until its recent all-time high of $4.84.
Featured image created with Dall.E, chart from Tradingview.com
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