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Dogwifhat ($WIF) Soars Over 200%, Nears $250 Million Market Cap in Memecoin Surge

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The price of the meme-inspired cryptocurrency Dogwifhat ($WIF) has surged more than 200% over the past week, as the Solana-based memecoin greatly outperforms the wider cryptocurrency market to now have a market capitalization near the $250 million mark.

The cryptocurrency’s price rally saw it move to $0.25 per token at the time of writing, after surging around 60% in the last 24-hour period. The cryptocurrency, according to popular cryptocurrency analyst Bluntz, has recently made a “nice clean 5 wave rise” pattern.

WIFUSDT Chart via TradingView

Bluntz uses Elliott Wave Theory, where a price trend is expected to unfold in five distinct waves, in his analysis, and called for a potential surge for up to $1 for WIF, mentioning he is accumulating the cryptocurrency as well.

The cryptocurrency’s surge comes at a time in which a whale, who goes by “Binance-insider” spent 86,738 SOL tokens to buy 17.2 million WIF tokens. According to on-chain analysis service Lookonchain, the whale’s name and token acquisition suggests WIF could soon be listed on leading cryptocurrency exchange Binance.



The whale’s move has seen it become the second-largest WIF holder on the network, after buying nearly 20 million tokens. Recently, a noteworthy transaction involving the $WIF token occurred, where a purchaser invested almost $9 million in three separate transactions.

This transaction was carried out in a pool with low liquidity, which led to a significant price rise to fill in the order. As a result, the price of $WIF surged to a peak of $3 before plummeting to approximately $0.15.

This led to a slippage loss exceeding $5.7 million for the trader. In trading, slippage refers to the discrepancy between the anticipated price of a trade and the actual execution price. Some market analysts have speculated that this transaction might have been a promotional ploy to attract attention to $WIF, particularly in light of its recent price drop.

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Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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