Is It Too Late to Invest in DogWifHat? WIF Price Eyes New Highs as New Solana Meme Coin Raises $3M
Popular Solana meme coin DogWifHat ($WIF) is having a potential breakout curbed by stiff resistance at the $4 mark, according to this week’s price chart.
The fourth largest meme coin, with a market cap of $4 billion, hit $4 yesterday morning UTC and sustained it for about an hour before tumbling down to its current price of $3.39, a decrease of over 15%, according to the data.
At this price, DogWifHat posted a 24-hour decline of 10.5%, broadly in line with price depreciation across the meme coin market. However, it’s about 17% higher than it was this time last weekend.
The second biggest Solana meme coin, Bonk ($BONK) dropped 18% overnight and 6% over the week.
The original Shiba Inu doge meme-referencing coin, Dogecoin ($DOGE), posted a more muted intraday loss of 4% within an intraweek drop of 4.6% as it trades at $0.1585.
Broadly speaking, most cryptocurrencies are tracking Bitcoin ($BTC), which dipped 0.5% overnight and 3% in seven days.
Over on DogWifHat’s trading chart, we can see the token coming down about 30% over the three months from an all-time high (ATH) of $4.83, set on March 31.
Despite this decline, the price appears to be forming a consolidation pattern, suggesting potential stabilization before the next significant move.
It faces strong resistance at both $3.50 and $4 price ranges (red lines), although the token’s support threshold has been steadily increasing from $2 to $2.50, growing in line with a steady increase in demand for Solana meme coins following some wildly successful coin launches on the network over the last two months.
DogWifHat’s appeal lies largely in the fact that it is a $4 billion market cap representative of a new breed of recently profitable cryptocurrencies: Solana meme coins.
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