Solana Meme Coin dogwifhat (WIF) Targets New ATH After Robinhood Listing
Amid the mainstream adoption of meme coins on the Solana network, the dog-themed project dogwifhat (#WIF) has emerged as a leading altcoin over the past year. The mid-cap memecoin has a fully diluted valuation of approximately $3.27 billion and reported a 40 percent increase in daily average trading volume, reaching about $1.21 billion on November 25.
The WIF price indicates a potential rally toward a new all-time high (ATH), having recently retested its ATH of about $4.83 before retracing to support above $3.2 in the last two weeks.
WIF Listed on Major Crypto Exchanges
On November 25, Robinhood Markets Inc (NASDAQ: HOOD) announced that WIF is now available for trading on its platform. This listing provides access to millions of Robinhood users alongside other projects like Shiba Inu (#SHIB), Pepe (#PEPE), and Dogecoin (#DOGE).
GM. dogwifhat ($WIF) is now available to trade on Robinhood Crypto. pic.twitter.com/grjjXidNzo
— Robinhood (@RobinhoodApp) November 25, 2024
This listing enhances WIF's position amid increasing competition within the Solana meme coin ecosystem, which has a total market cap of around $20 billion and a daily trading volume exceeding $8.6 billion. Other notable competitors include Bonk (#BONK) and Popcat (#POPCAT).
WIF has gained considerable support from the web community, including listings on major exchanges such as Binance and Coinbase Global Inc (NASDAQ: COIN). Additionally, WIF can be traded on other platforms, including OKX, KuCoin, Gate.io, Bitget, Bybit, and MEXC, contributing to an overall liquidity of more than $28 million on various decentralized exchanges led by Raydium on Solana.
In the last 24 hours, WIF tokens had over 202,000 holders, with 3,056 buyers and 2,756 sellers.
Midterm Targets
The growing adoption of meme coins is expected to impact WIF's price positively, which has underperformed compared to BONK recently. Technical analysis shows WIF is forming a pattern similar to Bitcoin (#BTC) over recent months.
Big Upside for $WIF by 2025
If #WIF confirms its breakout, price action could extend to $10+ and potentially stretch to $18
-Sustained rally builds above $4.55
-Support levels align at $2.11-$2.35
-Risk lies below $0.333
Strategic patience may reward investors in this cycle pic.twitter.com/2dSrD7bhMF— InvestingHaven (@InvestingHaven) November 25, 2024
As Bitcoin enters a discovery phase, it is anticipated that WIF will experience a significant rally soon. Bitcoin’s dominance suggests an imminent reversal, potentially initiating an altseason. In the midterm, WIF aims to convert its previous ATH above $4.8 into a support level.