Dogwifhat (WIF) Soars 300% In A Week, What Will Happen Next?

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Bittime - Dogwifhat (WIF) is one of the meme-based cryptocurrencies that is currently in the spotlight. In the past week, WIF managed to beat other popular assets such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE), with extraordinary price increases. 

WIF, which uses the Solana network, rose from $0.285 to the current $1,214, or about 315% in the span of a week. So, what actually happened? Keep following this article!

What is Dogwifhat (WIF)?

Dogwifhat (WIF) is a meme-based cryptocurrency inspired by the image of a Shiba Inu dog wearing a pink knit hat. WIF does not claim to be a symbol of progress or a utopian vision of the future. 

However, WIF is just the opposite. Basically, WIF is just a meme about a Shiba Inu dog wearing a knit hat, simple1. WIF uses the Solana network, which is known for its speed and efficiency.

Also read How to Buy Crypto:

Dogwifhat (WIF) Shows Strong Market Dominance

From early January to late February, WIF prices moved within a triangle pattern, indicating a brief period of consolidation before a price spike occurred. On February 26, WIF managed to break out of the triangle pattern in a bullish direction, which provided support for buyers to encourage sustainable growth. After breaking out of the triangle pattern, WIF surged 195% to reach a new record high of $1.35.

One of the factors driving the WIF price increase was a large transaction by a crypto whale, who moved 7,059 Solana ($SOL) worth around $918 thousand from Binance to buy 673,394 WIF for $1.36. This is the latest transaction that adds to the whale's previous investment, namely 16,857 $SOL (approximately $2 million) for 2.82 million WIF at an average price of $0.71. 

These transactions resulted in an unrealized gain of approximately $1.35 million for the investor, which gives retail traders more confidence in expecting a longer WIF price increase.

Key Support Level in Case of Correction

Although the current market outlook indicates a bullish trend for Dogwifhat, the ongoing momentum is unlikely to continue if there is no supportive positive news. If WIF price undergoes a new correction from the $1.35 resistance level, WIF price could fall to the potential support levels of $1.05 and $0.86, which coincide with the 23.6% and 38.2% Fibonacci retracement levels.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Dogwifhat (WIF), Memecoin of Solana Network Soars 200%

Meme Fever: PEPE, FLOKI and WIF Surf the Ethereum and Solana Waves

What is a Meme Coin and Why is it Popular?

What is BONK? Meme Coin Phenomenon

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.