The price of Dogwifhat (WIF) has increased by 43%, reaching approximately $0.92, driven by a broader rise in cryptocurrency prices including Solana-based meme coins.
Price Increase of Dogwifhat
Dogwifhat, traded on the Solana platform, continues to show positive momentum. As of July 3, the price of WIF rose by 43% from its lowest level this week, reaching an approximated value of $0.92. Additionally, other Solana meme coins such as Bonk and Pudgy Penguins have also started to rebound alongside Dogwifhat.
Whale Accumulation
Analysis of data indicates that large holders of tokens are increasing their positions. According to data from Nansen, Dogwifhat whales now hold 39 million tokens, up from 38.4 million last month. This marks the highest level since June 28, which may suggest that large investors anticipate further increases. Furthermore, the top 100 addresses have also raised their positions, now holding over 771 million WIF, compared to 746 million in June.
Technical Analysis and Projections
Technical analysis indicates that WIF may continue to rise. There are signs of the token breaking above its 50-day exponential moving average. Moreover, the chart suggests the formation of a classic cup-and-handle pattern, with the cup's upper edge at $1.34 and the base near $0.3185. The projected breakout target for the next resistance level is at $2.37, roughly 155% above current levels.
Given the current market trends and potential catalysts influencing price actions, Dogwifhat demonstrates considerable potential for further growth, particularly in light of increasing interest from large investors.
