Bittime - Dogwifhat (WIF) token, a Shiba Inu dog-themed memecoin in a hat, has experienced a fantastic surge in 2024. Inspired by Dogecoin, WIF reached a new record high (ATH) on March 6.
Also Read: Dogwifhat (WIF) Reaches Latest ATH, What's Next?
Check Today's Crypto Market:
WIF Token Soars High
Throughout 2024, the price of WIF will increase by more than 1410%, reaching a peak of IDR 35,528.45.
The increase in Bitcoin prices triggered by high demand from spot Bitcoin ETFs also encouraged positive sentiment in the crypto market, allowing tokens such as WIF to soar.
Many traders who missed out on the benefits of other tokens are now turning to small-cap crypto assets like memecoin, increasing WIF demand and prices. But, is now the right time to buy WIF?
Also Read Meme Fever: PEPE, FLOKI, and WIF Surf the Ethereum and Solana Waves
According to CoinChapter.com Is WIF Potentially Experiencing a Major Correction?
The short answer: No.
Also Read How To Buy Crypto:
WIF price has been experiencing a bullish trend since January 2024, forming an "ascending channel" pattern on the price chart.
This pattern is generally considered bullish, however WIF price is currently testing resistance at the upper boundary of the pattern.
If stuck at resistance, the WIF price is likely to fall below the 0.618 Fibonacci support around Rp. 24,259.52.
Further decline could take WIF to 0.786 Fibonacci support. This downtrend has the potential to test the channel support around Rp. 8,764.73.
WIF losses could reach 70% if the price falls to that level.
On the other hand, if the WIF price continues to rise, this token could penetrate the ascending channel and reach resistance at IDR 35,997.99.
A break through this resistance could bring WIF to a new ATH around the Rp resistance area. 42,728.05.
The Relative Strength Index (RSI) indicator for WIF was in the overbought zone (above 85) on the daily chart.
Dogwifhat: A Token Without a Purpose?
Dogwifhat Token is a unique crypto project with no clear goals, targets or use cases. The project developers took a photo of a Shiba Inu dog and gave it a hat, then made it the basis for this token.
The project describes itself in a satirical way: "Bro! It's a dog in a hat!"
Additionally, the project lacks clear tokenomics. Even so, CoinMarketCap notes that the total supply of WIF is 999 million tokens.
Check Crypto Prices Today:
Conclusion
A fantastic WIF price increase may be tempting, but keep in mind that price spikes like this are often followed by corrections. This project also does not have a clear goal or use case. Before deciding to purchase WIF, it is important to do your research and understand the risks.
How to Buy Dogwifhat (WIF) on Bittime
You can buy and sell Dogwifhat (WIF) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Dogwifhat (WIF) is available on Bittime with the market pair WIF/IDR . To be able to buy WIF IDR at 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.
Learn the complete guide on how to buy Dogwifhat (WIF) on Bittime .
Monitor price chart movements of Dogwifhat (WIF), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also
Dogwifhat (WIF) Price: How Long Will This Bullish Trend Last?
Dogwifhat (WIF): Is it possible to reach IDR 75 thousand at the end of March?
Dogwifhat (WIF), Memecoin of Solana Network Soars 200%
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.
Comments
0 comments
Please sign in to leave a comment.