Dogwifhat Token Surges as bitcoin and Solana Meme Coins Rally
Dogwifhat (WIF) token prices climbed for the second day in a row, mirroring the upward trend of Bitcoin and other Solana meme coins. On July 3, WIF reached $0.92, marking a 43% increase from it’s recent low.
other Solana meme coins, such as Bonk, Fartcoin, and Pudgy Penguins, have also seen a rebound. This suggests a broader positive sentiment in the Solana ecosystem.
On-chain data indicates that Dogwifhat may have more room to grow. According to Nansen, Dogwifhat whales now hold 39 million tokens, up from 38.4 million last month. this is their highest level since June 28,indicating that larger holders are optimistic about the token’s future.
Moreover, the top 100 addresses have increased their holdings to over 771 million WIF tokens, up from 746 million in June. This accumulation suggests strong belief in the token’s potential.
Exchange balances have decreased by 2% over the past 30 days, with 581 million tokens now held off-exchange. This movement typically signals long-term commitment from investors.
Technical analysis supports a bullish outlook for Dogwifhat. The token has broken above its 50-day Exponential Moving Average, indicating growing bullish momentum. It has also completed a falling wedge pattern, a bullish reversal signal. If WIF breaks above the cup’s rim at $1.3473,it could reach a major resistance at $2.37, a 155% increase from current levels.
Several factors could fuel a broader crypto bull run in the second half of the year. These include potential federal Reserve interest rate cuts, increased institutional demand, and the approval of spot exchange-traded funds by the Securities and Exchange Commission.
