3min read
Published on: Apr 1, 2024
#Daily Brew
#Crypto 360
As the memecoin frenzy continues, Dogwifhat (WIF) became the third-largest memecoin by market capitalisation on March 29th, surpassing Pepe (PEPE).
The price of Dogwifhat hit a new all-time high of $4.64 on March 30 according to data from CoinMarketCap.
Following an over 87% weekly rally, WIF managed to become the third-largest memecoin with a $4.3 billion market cap, surpassing Pepe (which has a market cap of $3.4 billion).
This makes WIF the 31st-largest cryptocurrency.
Source: CoinMarketCap
The very first trigger for the WIF price rally came back in February end back when it was trading at $0.30.
Since then, there has been no looking back with the price gaining a staggering 2600% so far.
Now comes the most asked question – is the WIF price rally set to continue?
Amid the staggering WIF price rally over the past week, the 7-day Relative Strength Index (RSI) has surged into the overbought zone between 70 and 100.
Did you know? The RSI gauges price momentum on a scale of 0 to 100.
Some market analysts are predicting that the WIF price rally will continue further to $5. However, investors need to be cautious about a possible downward trend that may lead WIF to decline to $2.12. This highlights the importance of monitoring market signals and adapting your strategies accordingly. At time of writing, $WIF is trading at $4.3946.
This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
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