Meme Coin Frenzy: Here’s Why dogwifhat (WIF) and Dogecoin (DOGE) Could be Poised for Major Price Surges
The cryptocurrency space has witnessed a surge in the popularity of meme coins, and one such token, Dogwifhat (WIF), has taken the spotlight. Launched in November 2023, this playful digital asset quickly gained traction with its Shiba Inu dog mascot donning a pink knitted hat – a trait that earned it the affectionate moniker “Doge with a Hat.”
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WIF’s Price Performance and Technical Analysis
According to CoinGecko, Dogwifhat’s price currently stands at $2.69, with a 24-hour trading volume of $468,714,957.96. This represents an 18.98% price increase over the past 24 hours. However, meme coins are known for their volatility.
Besides, a technical analysis of Dogwifhat’s 4-hour chart by analyst ParabolicP from Tradingview reveals a potentially bullish pattern. The chart appears to be forming a falling wedge, which is generally considered a bullish signal indicating a potential reversal of a downtrend. The converging trendlines suggest buying pressure absorbing selling pressure, potentially leading to a price increase.
Moreover, ParabolicP notes that if Dogwifhat breaks out from the wedge, ideally with increased trading volume, it could signal an upward move. Based on the falling wedge pattern, the target price for Dogwifhat could be around $4. This target is calculated by measuring the height of the wedge at its widest point and adding that distance to the breakout point above the upper trendline.
Doge Day and Coinbase Futures
Meanwhile, the crypto world eagerly awaits April 20th, known as ‘Doge Day,’ where enthusiasts celebrate the not-so-serious origins of Doge, honoring the 420 meme coin. Additionally, Coinbase International plans to launch $DOGE futures trading on April 1st, which could potentially fuel more interest in the meme coin.
As reported by @SummersThings, “Coinbase Derivatives LLC quietly filed certifications with CFTC to list US regulated futures for Dogecoin, Litecoin and Bitcoin Cash. They filed them on March 7 and surprisingly nobody seemed to notice. Futures are set to start trading on April 1 if there are no objections from CFTC.”
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Show more +Dogwifhat has emerged as a popular meme coin with a strong community and noteworthy initial growth. However, it is essential to remember that meme coins are highly speculative and susceptible to significant price swings driven by social media sentiment and community engagement.
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