Dogwifhat (CRYPTO: WIF) is up 18% in the past 24 hours, pushing its weekly gains to almost 90%.

In contrast, established memecoins like Dogecoin and Shiba Inu have seen only modest weekly gains of 2.4% and 5.7%, respectively.

What Happened: The surge in Dogwifhat's price occurred after Los Angeles Lakers NBA superstar LeBron James was seen wearing a pink knitted hat resembling the Dogwifhat meme during a post-game appearance.

LeBron singlehandedly pumped $WIF to $0.40 today

We're so back pic.twitter.com/2xdkGvwxq1

— Clemente (@Chilearmy123) February 13, 2024

While the crypto community speculated whether this is a coincidence, there has been no response from James himself, and he is not explicitly involved in promoting any cryptocurrencies.

Also Read: 'Yes This Is Real': Videos Of Wall Street Bull 'Wif Hat' Go Viral, 'Dogecoin Killer' $WIF Up 17%

Why It Matters: Despite the absence of utility-related news or use cases, analysts are still predicting further upside for Dogwifhat. One X user, LectronNFT, forecasted $SOL to reach $140 and $WIF to hit $1.

"Degen gambler" Zer0 tweeted his outlook for WIF.

Another higher high on $WIF

It's cooking anon, moonshot incoming https://t.co/qb28ZJb0kz pic.twitter.com/dDFvNZZkCW

— Zer0 🕊️ (@degengambleh) February 12, 2024

"Sh**coin and stock trader" TheLordofEntry took to X to highlight that WIF is at resistance but "the next upside target is 0.52.”

Indeed, another example of a memecoin without utility is MAGA coin, which has experienced a notable surge in recent weeks solely based on its namesake.

Since its inception, Dogwifhat has become the sixth-biggest meme coin on the market, according to Coingecko. Further listings on centralized exchanges could see it rocket even higher.

Read Next: Solana-Based Shiba Inu Rival 'Dogwifhat' Rockets 35% As Binance Introduces WIF Futures Contract

Image created with photos from Shutterstock.