Is It Too Late to Buy DogWifHat? WIF Price Blasts Up 42% as Solana’s Latest ICO Quickly Gathers $500,000
Popular meme coin DogWifHat (WIF) has shot up 42% in the last seven days as it leads the charge in a market-wide rally that has added double digit percentages to leading meme coins.
Broadly speaking, the whole market is up nicely from this time last week.
The world’s favorite cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) both rose about 11% and change hands at $70,002 and $3,569 respectively, according to CoinGecko data.
They have both taken nominal losses in the last 24 hours. Bitcoin posted a pullback of 1.5%, while Ethereum fell 2.4%.
But the meme coin sector is where things appear to be exploding today.
WIF’s performance is matched by market leader Dogecoin (DOGE), the original Shiba Inu referencing cryptocurrency. The pair posted higher gains than any other meme coin among the top ten by market capitalization.
DOGE surged 37% over the last week and currently trades for $0.1833.
Over on WIF’s trading chart, we see a rally beginning in the final week of February which grew volatile a week into March before peaking with an all-time high of $3.47 in on March 15.
WIF’s price through the middle of March was level with its current price, which suggests the meme coin has found particularly strong support above $3.
A Relative Strength Index (RSI) of 48 suggests trading is currently stable.
Broadly speaking, meme coin prices are generally amplifying wider market trends. Bitcoin, Ethereum, and, by extension, all of crypto is currently buoyed by two narratives: ETFs and the Bitcoin halving.
On January 10 this year, the SEC approved 11 spot Bitcoin investment products called exchange-traded funds (ETFs) to begin trading stateside. Bitcoin ETFs are funds that buy up and store Bitcoin to create and sell shares that track the price
Read more on cryptonews.com
