DogWifHat Hits $2B: Is WIF Still a Buy at This Price? Next Low Cap Gem Poised for Lift-Off
Pack leader of the Solana Meme Coin surge, DogWifHat, has skyrocketed to a jaw-dropping $2Bn market cap, but is WIF price still a buy at this price?
Or, could this other low cap gem offer a superior return?
This article will provide an analysis of WIF’s current price trends and look to see whether a high-octane Solana meme coin airdrop campaign, SMOG, represents a more promising investment opportunity at this time.
The $WIF price rose ~40% again today!
We noticed that 2 whales spent 38,132 $SOL($5M) to buy 2.97M $WIF!
87Hnwj spent 23,400 $SOL($3.06M) to buy 1.82M $WIF at $1.69.https://t.co/RE95o1BoJl
GjRacG spent 14,732 $SOL($1.93M) to buy 1.15M $WIF at $1.67.https://t.co/pg5mJTArvo pic.twitter.com/PD76cpBbCp
— Lookonchain (@lookonchain) March 6, 2024
As DogWifHat continues to climb, it’s clear that WIF token is clearly in a period of accumulation by whales despite a stunning $2Bn market cap.
As price action continues to test upside resistance, DogWifHat is currently trading at a market price of $1.79 (representing a 24-hour change of -2.68%).
Now in -21% minor localized retracement following the new all-time high at $2.27, WIF token seems set to carry on it’s impressive technical structure after a brief consolidation.
A strong defense of lower support at $1.64 demonstrated the fervor of buy pressure underpinning WIF price action.
However, with increasing divergence above the already ascendant 20 DMA (down at $0.84), the risk of a price correction move grows.
This is a view reinforced by the RSI, which has been severely overbought for 10 days and currently reads at a bearish 81.94 – with no signs of cooling-off.
Yet, the MACD more fairly reflects the intense WIF buy pressure, with minor bullish momentum at 0.1184.
Overall, WIF price
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