Outside Source
TL;DR
- Dogwifhat (WIF) experienced a significant surge, reaching a new all-time high and becoming one of the top meme coins.
- Its growth is supported by strong community enthusiasm, endorsements from key industry figures, and backing from major exchanges, with predictions of further price increases.
WIF’s New Peak
The Solana-based meme coin dogwifhat (WIF) continues to amaze the crypto community, with its price exploding by over 700% on a monthly scale. A few hours ago, the valuation reached an all-time high of $3.25 (per CoinGecko’s data) before slightly retracing to its current level of around $3.17. The market capitalization surpassed the $3 billion mark, making WIF the third-biggest meme coin.
The asset’s latest rally coincides with a significant goal achieved by the community. Earlier this week, fans of the token launched a mission to put WIF’s logo on the Sphere (a famous entertainment arena in Las Vegas, Nevada) and sought to raise $650,000. Data shows that the contributions have surpassed $700,000.
Despite reaching unprecedented heights, some large investors keep accumulating WIF tokens instead of making substantial profits. According to Lookonchain, one particular whale spent nearly $1.3 million to buy over 540,000 WIF.
Which is the Next Target?
Crossing the $3 mark might have seemed implausible at the end of last year when WIF was trading at less than $0.10. However, the huge excitement surrounding the token, combined with support from leading exchanges such as Binance, Kraken, Robinhood, and many more, could have played a role in the impressive ascent.
In addition, the meme coin caught the eye of prominent industry participants, including BitMEX’s co-founder Arthur Hayes, who publicly backed it. First, he jokingly shared a photo of him wearing a hat (referring to the token’s logo and name), while later, he predicted a price jump toward the $2 zone.
Most recently, Hayes envisioned that the asset’s valuation could skyrocket to $10, asking again, “Are you WIF me?”
The asset’s price increase has allowed savvy traders to make colossal profits. As CryptoPotato reported last month, an individual bought over 2.5 million WIF tokens at the end of last year, spending just $310. The trader currently sits on a paper profit of more than $8.1 million.
Nonetheless, dealing with meme coins of that type can also be dangerous and result in appalling losses due to the infamous volatility of the cohort. If you are about to hop on the bandwagon, please take a look at our latest video to check the most common mistakes you should avoid:
This article first appeared at CryptoPotato
