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Dogwifhat continues to show strength, pumping 25% today and currently trading at $2.91. Meanwhile, the new ICO Dogecoin20 turned heads as its presale approaches $2 million in under four days.
Dogwifhat flirts with $3 as traders call next leg up
WIF has experienced a meteoric rise this month, soaring to 580% and surpassing a $2.9 billion market cap.
But after such a parabola, the token’s price experienced a retracement over the weekend, falling from $3.4 to a low of $2.19.
Yet, with bulls fiercely defending support around $2.2, the price has jumped to $2.91, illustrating that WIF still has notable market appeal.
The recovery has drawn the attention of analysts, with many predicting the next leg up will occur shortly.
“WIF is sniffing out an ATH against BTC and against ETH. Therefore, a Bitcoin recovery equals a new WIF ATH pump,” predicted Doug Funnie.
However, taking a longer-term outlook, the analyst anticipates WIF could reach highs of $10-$100 billion.
He cited that WIF is “leading the top 100 cryptos post market-wide dump.”
He then highlighted that Elon Musk recently tweeted an image of dogs wearing hats, adding to the project’s excitement.
Prominent market analyst Bluntz also forecasts a bullish upcoming trajectory for Dogwifhat. He speculates that the recent pullback marks a “wave four” in an Elliot wave pattern and alludes to a “wave 5” that will follow, propelling WIF to a new ATH.
“I’m viewing this pullback as another wave 4 with one final all-time high leg-up yet to come.”
However, this also hints that Bluntz believes Dogwifhat’s run is ending, potentially followed by a consolidation or retracement phase.
Another influencer at the center of Dogwifhat’s phenomenon, Blockgraze, is also apprehensive about the token’s future.
The analyst was an early WIF investor, making multi-millions from a $1K investment.
However, he recently announced he took profits amid the turbulence, citing concerns of a deeper drawdown.
Ultimately, Dogwifhat’s outlook is bullish, but there remains a risk of a further retracement, particularly since it pumped over 500% this month.
Nevertheless, the meme coin market is rife with opportunity. One of the most promising emerging projects is Dogecoin20, a new ICO that has raised $1.8 million in four days.
Stake-to-earn meme coin Dogecoin20 exceeds $1.8M
Dogecoin rose from an unassuming niche joke to a mainstream symbol of resistance against the exploitive malpractices of traditional finance.
Soaring to a $90 billion market cap, some of the world’s most influential financial players took note. However, its light-hearted inception meant there were dents in its armor. So this is where Dogecoin20 comes in.
Retaining the high-octane memetic allure of its predecessor, Dogecoin20 continues Dogecoin’s mission with newfound utility and innovation.
Retaining the high-octane memetic allure of its predecessor, Dogecoin20 continues Dogecoin’s mission with newfound utility and innovation.
Through its proprietary Stake-to-Earn mechanism, Dogecoin20 holders can earn passive investment rewards. The current APY is 415%, but this will decrease as more tokens are staked.
Another distinct advantage over Dogecoin is that $DOGE20 boasts a capped supply. This mimics the “sound money” philosophy popularized by Bitcoin, helping stave off inflation and price dilution.
Dogecoin20 is also an ERC-20 token, hence where the “20” comes from in its name. Launching on Ethereum provides widespread accessibility and its extensive ecosystem bolsters $DOGE20’s utility potential.
These factors have stoked unprecedented market excitement, with the presale raising over $1.8 million in four days. However, urgency is rising, with the presale price incrementally increasing throughout the campaign. The next uptick will occur when the total raise hits $1.849 million.
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This article first appeared at crypto.news
