NOIDA (CoinChapter.com)—Memecoins rely on social media hype for their price action, and there is no greater example of this axiom than Dogwifhat (WIF) crypto. Due to recent gains, the Dogwifhat token, another in a long line of dog-themed digital assets, has become the fourth largest memecoin by market cap. As stupid as it may sound, crypto company Circle’s worth is around the same.
Dogwifhat now has a market cap of nearly $2.9 billion, surpassing Monero (XMR), Arbitrum (ARB), and Floki (FLOKI). Overall, the token currently ranks 47th in terms of market cap, marking Dogwifhat’s entry into the top 50 cryptocurrencies.
It is surprising to see WIF’s meteoric rise of 2,228% since launch, especially for a project that defines itself as “Bro! It’s literally a dog wif [with] a hat.“
However, the memecoin’s recent antics make sure that no one (at least in Las Vegas) can say they did not see that coming.
There Is A Dogwifhat On The Las Vegas Sphere
So here’s what happened: A group of Dogwifhat supporters launched a campaign to raise $650,000 for one week of advertising the memecoin on the Sphere, Las Vegas’s recently launched spherical event venue.
The Solana-based memecoin’s marketing campaign attracted contributions ranging from $1 to $100. Moreover, two major donors have contributed over $9,999 each to the campaign.
At the time of writing, the memecoin’s fundraising campaign had attracted over $701,500 in USDC contributions in under four days. The resulting hype helped secure major gains for the Dogwifhat crypto, propelling the WIF price to a new ATH on March 14.
However, not everyone was excited about the campaign. A crypto trader with the username BoldLeonidas claimed that the marketing campaign was a market-top signal. Leonidas’s claim stems from crypto history.
During the previous bull cycle, crypto firms engaged in aggressive marketing campaigns just before the market crashed.
Moreover, to favor the skeptics, it is possible that the campaign turns out to be spam, with organizers running off with the funds. If it happens, Dogwifhat would likely purge all its gains as a FUD-induced selloff ensues.
For now, everyone is waiting for the Las Vegas Sphere to picture a Shiba Inu dog wearing a hat, woven or otherwise.
WIF Price Charts New ATH
Meanwhile, WIF price used the hype to break out of the ‘ascending channel‘ pattern on March 14, charting an ATH near $3. Moreover, the price rally means Dogwifhat is one of the very few, if not the only, memecoin to trade with a price label that is not in decimals.
Its predecessors, Dogecoin and Shiba Inu, are still miles away from the $1 price mark.
If the rally continues, the WIF crypto price could find resistance near the 0.618 Fibonacci level around $3.34. However, flipping the immediate resistance could help the memecoin rally to the resistance near $4.3.
The relative strength index (RSI) for WIF remains overbought, clocking a value of 90.88 on the daily charts. The RSI is a momentum indicator that measures asset price movements to identify overbought or oversold conditions.
Traders often consider an overbought RSI level a bearish signal since the occurrence usually precedes a bearish reversal or consolidation phase for the underlying token.
Besides, it is likely that early participants will start booking profits. Hence, the WIF price could plummet to the 0.382 FIB support near $2.1. Breaching this immediate support could force the Dogwifhat token price to test the support near $1.28 before recovering.
