This week, the dog-themed sensation Dogwifhat (WIF) has recovered from its drop below the $2 support zone. The Solana-based memecoin flipped Ethereum’s Layer-2 (L2) Arbitrum (ARB) and is currently testing the $2.5 resistance level. However, a crypto analyst has warned investors of a possible retrace for WIF.
Dogwifhat became the memecoin sensation of 2024’s first quarter (Q1), giving returns of over 2,000% earlier this year. The Solana token reached an all-time high (ATH) of $4.8 in March but has declined 45% since then.
Despite this, investors remain bullish on the memecoin, some stating it has shown strength through its sharpest correction. Asad Saddique, Cryptonary’s CTO, that the token “withstood like 5 or 6 corrections of >70%.” To Saddique, Dogwifhat solidified during the retraces and “challenges” for the dog-themed memecoin throne.
Notably, WIF flipped Arbitrum as the 38th largest cryptocurrency by market capitalization today with a $2.5 billion market cap. This feat was first achieved on March 31, when WIF reached its ATH and a market cap of $4.57 billion.
Dogwifhat flips Arbitrum by market capitalization. Source:
A month ago, crypto trader Bluntz, who made several bullish forecasts for WIF during Q1, shared a bearish prediction for the memecoin. Per the trader, the Solana token was set to an “inevitable” fall to the $1 range.
However, this prediction was based on a previous bullish analysis. Bluntz stated that WIF was headed for a large retrace before the next parabolic run, which could lead to a new ATH.
Following the market downturn, the dog-themed memecoin saw a price reduction of over 43%. Earlier this month, WIF dropped from the $2.6 price range to as low as $1.51 on July 11.
Nonetheless, it had a remarkable performance this week. The token reclaimed the $2 support zone and exhibits green numbers in several timeframes.
Will It Shred Another 40% Soon?
WIF surged 8% in the last 24 hours and trades at $2.54, at the time of this writing. This performance represents a 60% and 25% price increase in the weekly and monthly timeframes.
The recent price action has seemingly revitalized the bullish sentiment towards the token. Crypto analyst Hornhairs that the memecoin “looks solid.” To the analyst, WIF could retest the $3 resistance level if it holds above the $2.2 price range.
However, another market watcher has warned investors about a potential downside for Dogwifhat. CrediBull that people are taking most altcoins’ bounces as “a sign of strength, but the reality is, alts and especially memes are just higher beta versions of BTC.”
To the analyst, the current bounce is “nice,” but, if Bitcoin (BTC) bounces or falls, Dogwifhat will follow the flagship cryptocurrency’s movement “harder/stronger.
The memecoin “left a triple bottom right below us” after making a lower high on higher timeframes. This suggests to the trader that the token “is likely to follow with a 40% move back down of its own to take those triple lows.”
WIF’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.
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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.
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