Dogwifhat Climbs 8%, Is This the Start of a Massive Recovery?
Popular Solana meme coin DogWifHat ($WIF) added as much as 8% in the early hours UTC when it rapidly advanced from $1.45 to $1.56.
However, its climb has now lost momentum. $WIF is down 1.3% in the last hour and 2.7% in the last 24 hours to its current price of $1.53.
Meme coin fans were hoping DogWifHat was on track to recover. Over the last 24 hours, the token has held its price a little better than its peers Pepe ($PEPE), which fell 3.1%, Bonk ($BONK) dipped 3.3%, Floki ($FLOKI) shed 3% and Brett ($BRETT) lost 4.2%.
By contrast, sector leaders Dogecoin ($DOGE) and Shiba Inu ($SHIB) both lost less than a percent of their value overnight.
The main obstacle inhibiting DogWifHat from recovery right now is its poor intraweek performance. $WIF lost 9.1% from its price this time seven days ago and performed worse than all the coins named above.
According to $WIF’s price chart, the token is currently teetering above the psychologically important $1.50 support level it maintained throughout June and July.
The market crash in early August appears to have dragged overall support down, as highlighted by the diagonal green line.
Should $WIF continue to trade above $1.50, it would mean the token has found new support at this level. There is a moderate likeliness that there will be no further losses this weekend, thanks to DogWifHat’s healthy relative strength index (RSI) of 48.
Nowadays, the fate of DogWifHat is tied closely to the “Big Five” doge-themed coins: Dogecoin, Shiba Inu, DogWifHat, Floki, and Bonk.
Meme coin fans wanting to explore some potentially headier upside could diversify their portfolios with the new cross-chain meme coin Base Dawgz ($DAWGZ).
Like Dogecoin, Base Dawgz is another Doge meme coin, this time its primary
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