#KnowYourToken: Dogwifhat (WIF) 📢
Market Cap: $3.23 billion
1W Trading Volume: $5.06 billion
Percentage change in Price (1W): +24%
Any News Around the Token:
The latest meme entrant in the block, Dogwifhat has become the biggest gainer in the year-to-date timeframe, having gained over 2000% in 2024 alone and 180% in the past 30 days. WIF had even briefly flipped Pepe to become the third largest memecoin by market cap but is now back to being the fourth largest after Dogecoin, Shiba Inu and Pepe. May has started off as a good month for the memecoin sector of cryptos overall as well.
Analysis:
Currently, WIF price exhibits fluctuation within an expanding price range, driven by mixed sentiments influenced by trading volume and market outlook. Despite prevailing stability near its recent peak, there's potential for consolidation, paving the way for price stabilization before potential upward momentum resumes. This stability period may prompt renewed bullish movement, potentially revisiting the $4.8 peak and surpassing the psychological resistance at $5. To establish bullish momentum, WIF price must break above the R1 Fibonacci pivot for May at $4. Conversely, the $2 S1 Fibonacci pivot level serves as a crucial support, backed by its historical significance and psychological demand zone.
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