- WIF hit $1.37 after a strong rally, becoming one of the top-performing memecoins despite a broader market downturn.
- A cryptic mascot post and $700K fundraising rekindled interest in the Sphere project, signaling potential bullish momentum.
- Consolidation above $1.23 and breaking $1.40 resistance could pave the way for WIF to target $1.90.
On Wednesday, Dogwifhat (WIF) rose to a standout in cryptocurrency, rising 16% to $1.37. That rise placed it amongst the top performers in the past 24 hours, a feat in and of itself, seeing that most of the top memecoins traded in the red. Experts have begun speculating that such momentum could mark a breakout for WIF.
The quick rise comes in a follow-up to Dogwifhat’s rise out of its dip below the $1 mark yesterday. Dogwifhat X’s Twitter tweeted a picture of its mascot in Las Vegas. In a tweet, its fan-favorite meme coin’s mascot donned the Las Vegas Sphere hat and an antique Nokia phone with “01.2025” displayed on its face. Cryptic captioned, “The hat stays on,” and teased future releases “once we’re allowed.”
This announcement rekindled enthusiasm within the WIF community, pushing the token back to the $1.30 support level.
Dogwifhat was one of the most talked-about memecoins of 2024, reaching an all-time high (ATH) of $4.88 in March. It dominated the memecoin narrative during Q2 and saw a resurgence in December. However, the token has faced challenges, losing 40% of its value in the past six months and sitting 75% below its ATH.
The decline in WIF’s prominence came as the memecoin sector became increasingly saturated, with new tokens like PNUT and CHILL capturing market attention.
Dogwifhat Eyes Breakout After $700K Sphere Fundraising
During its meteoric rise, Dogwifhat’s community joined together with a bold purpose: to have the token placed in view on the Las Vegas Sphere, the world’s largest LED screen, for a week. The fundraising campaign successfully raised $700,000.
However, development ceased, and frustration mounted in the community in mid-2024. There were concerns about whether the project was real, particularly when Crypto.com showed Bitcoin’s logo at the top of the Sphere in July. In spite of disbelief, leaders kept reiterating that the Sphere development continued in full swing.
Crypto expert Altcoin Sherpa questioned WIF’s current rally, saying it could be unsustainable in terms of overall market trends. According to him, a break and then a consolidation above $1.23 would be important for the token to have any additional upside.
Meanwhile, prominent trader Bluntz suggested that WIF might be nearing its bottom. He pointed to positive signs on lower timeframes and reiterated his earlier forecast of a retrace to $1 before a potential parabolic run to new highs.
A descending wedge shape in WIF’s price chart also captured observers’ attention. In their view, if WIF succeeds in penetrating $1.40, it can target $1.90.
At the time of writing, Dogwifhat is at $1.19 USD and has a 24-hour trading value of $926,106,797 USD. Dogwifhat is down 10.60% in 24 hours. Only the future will reveal whether such a spurt will represent a long-term return to form or a short-term pump. For now, everyone holds their breath for the Las Vegas Sphere development, one that could serve as a powerful catalyst for the token’s new era.
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