Dogwifhat (WIF), a Solana-based memecoin, has captured attention in the cryptocurrency market with a substantial 40% surge within a day, crossing the $4 resistance level after being listed on Coinbase. This listing has led analysts to anticipate a significant rally for WIF by year-end.
This memecoin has emerged as a top performer this cycle, experiencing a 2000% increase to its all-time high of $4.83 in March. It spearheaded the Solana meme boom in Q1 yet endured a 66% price drop thereafter during a broader market correction.
As the cryptocurrency market regained strength, WIF surpassed the important $2 resistance level at the end of Q3, marking a recovery from an extended 8-month downturn.
Post-U.S. election, WIF participated in a broader market rally. Earlier this week, it regained the $3 mark, invigorating investor confidence as it reached levels unseen since June. A tremendous 40% rally followed once it was listed on Coinbase, one of the industry's major exchanges. Announced on Wednesday, the listing of Dogwifhat alongside another memecoin, PEPE, fueled a surge, propelling its price from a weekly low of $2.93 to the $4.00 resistance level. On Thursday morning, it continued its upward momentum, reaching $4.30, its highest valuation since April.
Despite a brief pullback, during which Bitcoin (BTC) pared gains to $87,000, WIF has maintained its position as one of the best performers in the cryptocurrency's top 100, registering a 9.9% gain over 24 hours amidst a broader market decline of 2.2%.
Following its impressive recent performance, some industry experts predict WIF could hit the $5 mark. Trader Koala speculated on a potential deviation from its current $3.90-$4.30 trading range. The analyst suggests a rebound from lower levels and a possible move towards $5. WIF has briefly recovered from dipping below $4, positioning at lower levels within its range, 16.4% beneath its all-time high.
Another analyst compared Dogwifhat's potential rally to Shiba Inu's (SHIB) remarkable performance in 2021 post-Coinbase listing. User Sito highlighted that SHIB experienced an 1800% surge after the listing, reaching an all-time high 42 days later. If WIF follows SHIB's trajectory, the token could exceed the $50 mark post-listing, possibly reaching $52 by Christmas.
Sito further emphasized that SHIB's listing occurred towards the end of a bullish cycle, suggesting Dogwifhat’s listing might offer "even more bullish" opportunities for organic growth. Presently, WIF is trading at $4.05, marking a 71.6% increase over the past week.