NOIDA (CoinChapter.com) — Dogwifhat has broken into the top three of the memecoin list, now behind only Shiba Inu and Dogecoin. The Solana-based memecoin has attracted significant investor interest to surge past its competitors.
Dogwifhat corrected from its recent ATH of $4.85, which WIF reached on March 31, before recovering with an 8.5% spike on April 4, reaching a daily high near $3.97. However, bears are likely going to make it hard for the memecoin to flip the $4 price level.
Dogwifhat Breaks Into Top Three
Dogwifhat’s significant market cap growth comes amid a mostly bearish crypto market. Bitcoin price continues to hover near $66,000 as the wider market remains mostly flat. Interestingly, Dogwifhat flaunts no use cases or plans for ecosystem expansion but has made an impressive surge since its launch.
The token started 2024 with a price tag of $0.7. Within three months, it soared to $4.85, representing an astonishing 7,000% gain. This rapid surge saw the WIF price break the $1 barrier in February and shatter all-time highs in March.
Traders were wary of the Dogwifhat’s correction, but interest in the token remains, likely due to the memecoin frenzy of March. Solana-based memecoins had a blast last month, with the blockchain platform launching multiple new meme projects.
The decline in Dogwifhat prices had nothing to do with the memecoin itself since the project has no intrinsic use cases and, thus, any value-boosting features. The cryptocurrency token was reacting to the wider market bearishness, led by Bitcoin’s nearly 10% decline in April so far.
However, WIF supporters shrugged off Bitcoin’s downtrend as pre-halving volatility, with posts shilling the Dogwifhat token flooding social media platforms.
WIF Price Spikes, But Will It Rally?
The Dogwifhat token price recovered from its three-day-long downtrend on April 4, though bears made their presence felt near the $4 price level.
However, a rebound from the 20-day EMA dynamic support could help the WIF price rally to the resistance near $4.76, just shy of Dogwifhat’s recent ATH. Flipping the immediate resistance might help the memecoin price rally to a new ATH near $6 before bears return for the hunt.
But, if the WIF price fails to rally, the token could drop to the support near $3.06. Breaking below the immediate support could confirm the memecoin’s downtrend, resulting in increased selling pressure and a drop to the 0.236 FIB support near $2.
Yet, WIF would need some more hype to rally any time soon, with the token more likely to consolidate over the next few days.
The relative strength index, or RSI, for WIF, remained neutral, with a score of 61.15 on the daily charts.
