Dogwifhat ‘Looks Solid’ Says Crypto Trader As Dog-Themed Crypto Surges 8% Even As Dogecoin, Shiba Inu Bleed
Canine coin dogwifhat (CRYPTO: WIF) bucked the broader memecoin slump to post healthy gains Thursday.
What Happened: The Solana (CRYPTO: SOL)-based coin, which features a Shiba Inu puppy wearing a pink-knitted hat, spiked more than 8% in the last 24 hours to a 1-month high.
The surge came even as the broader memecoin market, including blue-chip currencies, tumbled. Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe (CRYPTO: PEPE) were all trading in the red as of this writing. The total memecoin market cap shrank 4.21% in the last 24 hours
WIF’s spike extended its weekly gains to over 51%, the highest in the cryptocurrency market. Year-to-date, the dog-themed coin has jumped a staggering 1471%, the largest among memecoins with a market cap greater than $1 billion.
See Also: Bitcoin, Ethereum, Dogecoin Fall As Trump’s Presidency Odds Dip On Prediction Market: Analyst Highlights ‘Long The Dip Time’
Why It Matters: A widely-followed cryptocurrency trader on X, going by the pseudonym HornHairs said that the coin was poised for further gains if it manages to hold above $2.20. The trader flagged $3 as the next target for the cryptocurrency.
$WIF looks solid as long as it can hold above this $2.20 level we're breaching at the moment
$3 first target pic.twitter.com/H6PE28YjqU
— HornHairs
(@CryptoHornHairs) July 18, 2024
Price Action: At the time of writing, WIF was exchanging hands at $2.41, up 8,72% in the last 24 hours, according to data from Benzinga Pro.
Read Next:
Image via Shutterstock
