Analysts Predict Dogwifhat (WIF) Could Reach $5 Target Soon
Solana-based memecoin Dogwifhat (WIF) has emerged as a significant player in the cryptocurrency market, experiencing over a 40% increase in value within 24 hours after its listing on Coinbase. This surge has led market analysts to predict a potential rally for WIF before year-end.
Dogwifhat Rallies 40% Amid Coinbase Listing
WIF has demonstrated strong performance, achieving a 2000% rise to an all-time high (ATH) of $4.83 in March. It led the Solana meme trend in Q1 but encountered a 66% price decline during subsequent market corrections.
As market conditions improved, WIF broke through the critical $2 resistance level, reclaiming it as Q3 concluded. Following recent US political developments, WIF participated in a broader market rally, exiting an 8-month downtrend.
The token's recovery above the $3 mark earlier this week boosted investor confidence, reaching prices not seen since June. The recent Coinbase listing triggered a substantial 40% rally, propelling WIF from a weekly low of $2.93 to the $4.00 resistance level.
Following the announcement from Coinbase, which also listed frog-themed memecoin PEPE, WIF climbed towards $4.30, marking its highest price since early April. Despite a temporary dip below $4 when Bitcoin retraced to $87,000, Dogwifhat maintained its position among the top-performing cryptocurrencies, increasing by 9.9% while the broader market declined by 2.2%.
WIF To $5 By Christmas Day?
Market analysts have set a target of $5 for WIF. Trader Koala indicated that WIF could deviate from its current range of $3.90-$4.30 and potentially bounce back towards higher levels before approaching the $5 mark. Currently, WIF is trading at just 16.4% below its ATH.
Another analyst compared WIF’s potential to Shiba Inu’s (SHIB) previous performance, noting that SHIB surged 1800% following its Coinbase listing before reaching its ATH of $0.00008616 within 42 days.
This comparison suggests that if WIF follows a similar trajectory, it could exceed the $50 mark, with projections indicating a possible price of $52 by Christmas day. Analysts noted that WIF’s listing could facilitate more organic growth compared to SHIB’s listing, which occurred near the end of a bullish cycle.
Currently, WIF is trading at $4.05, reflecting a 71.6% increase over the past week.
