The cryptocurrency Dogwifhat (WIF) has seen a significant price increase of over 9%, coinciding with a sharp 60% increase in trading volume. The success is linked to events surrounding the NFT auction.
Success of the NFT Auction
The attention towards Dogwifhat sparked after the original pink knitted hat, worn by the meme’s dog Achi, was sold at auction. On August 7, the hat sold for 6.8 BTC (approximately $793K) on the Bitcoin Ordinals marketplace, Ord City.
The buyer, Finn, founder of the Solana launchpad Bags, promised to 'return the hat to the community,' leading to discussions about future merchandise and integration possibilities.
Dogwifhat Price Chart Analysis
Price of Dogwifhat has broken through key resistance levels as reflected in the chart. Open interest is rising as traders open new positions, indicating a short-term bullish trend. Trading volume is increasing, affirming that the price rise is backed by real market activity.
Dogwifhat Price Predictions
Considering the current meme coin trend, the auction's boost, and positive chart movements, Dogwifhat's price could reach the $3.40–$3.50 range in the coming days. A pullback to $2.85 would not be unusual before further upward movement, and if trading volume stays robust, $3.70 could be on the horizon.
With increasing interest and market dynamics surrounding Dogwifhat, further upward price movements are anticipated, though volatility in meme cryptocurrencies should be closely monitored.
