Dogwifhat (WIF), the memecoin sensation that took the crypto market by storm during Q1, has followed Bitcoin’s recent downturn. As the dog-themed token faces a price decline of over 10%, some crypto analysts consider that a stop at $1 may be the next target for WIF.
Dogwifhat was the talk of the town earlier this year after becoming one of the leading champions of the Q1 memecoin frenzy. The token had a 95,000% “turbo parabolic” run from $0.004773 to its all-time high (ATH) of $4.58 at the end of March.
Since then, WIF has hovered between the $2.3 and $3.7 price range, briefly testing the $4 resistance level at the end of May. Its most recent performance has led crypto analyst Bluntz to set a $1 target for the memecoin.
In an X post, the analyst and trader stated that WIF’s descent to the $1 prince range is “inevitable.” According to Bluntz’s chart, the token displays a macro five-wave impulse followed by the formation of an a,b,c zig-zag pattern.
To the analyst, “the plan hasn’t changed,” but the b wave “took longer than initially thought.” Additionally, he set the target for the c wave between the $1 and $2 price range, which should offer a “generational buy opportunity” to investors.
WIF’s c wave is predicted to reach the $1 price range. Source:
Nonetheless, the analyst’s seemingly bearish forecast is based on his previous bullish prediction. To Bluntz, the memecoin will significantly retrace before the “next parabolic leg” that could see WIF reach a new ATH.
According to crypto trader Otsukimi, WIF’s chart a solid performance. To the trader, it “shows a solid last stand with a trend support alongside the mid of the complicated range.”
Moreover, he considers WIF’s bullish consolidation to be “very wide,” which makes a bounce back from its current levels possible.
Elon WIF Hat
As the week started, Dogwifhat was acknowledged by X owner and ‘Dogefather’ Elon Musk. During a live stream, Musk claimed having heard of the memecoin sensation before changing the topic. “Yes, I have heard of dogWiFihat, dogwifhat,” he said.
The crypto community quickly shared the news and speculated whether Musk liked the token. One user , “You can tell he had more to say but stopped himself.”
Others were expectant of the impact the mention could have in the memecoin’s price. The ‘Musk Effect’ didn’t reach WIF, as the token continued hovering between the $2.65-$2.8 range.
However, Musk’s impact propelled a quickly created dogwifihat (WIFIHAT). The token by 6,200% in the hours following the live stream, going from $0.00007048 to $0.004506. WIFIHAT saw a short-lived rally as it shredded over 95% of its gains in the past 24 hours.
WIF has also seen a decline of 14.6% on the last day, trading at $2.44 at the time of writing. This performance represents a 26.3% and 18% decrease in the weekly and monthly timeframes. Nonetheless, the token’s market activity has seen a 76.1% increase in the past 24 hours, with a daily trading volume of $705.6 million.
Dogwifhat’s performance in the weekly chart. Source: WIFUSDT on
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
Read more
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
