NOIDA (CoinChapter.com) – Memecoin relies on social media hype for price action, and no better example of this principle than the Dogwifhat (WIF) cryptocurrency. The recent rise makes the Dogwifhat token, another family of dog-themed digital assets, the fourth-largest memecoin by market capitalization. It may sound silly, but the cryptocurrency company Circle is worth about the same.
Dogwifhat’s market capitalization currently stands at nearly $2.9 billion, surpassing Monero (XMR), Arbitrum (ARB), and Floki (FLOKI). Overall, the token is currently ranked 47th.Day This means that Dogwifhat has entered the top 50 cryptocurrencies in terms of market capitalization.
In particular, WIF “brother! It’s literally a dog wearing a hat..“
But with the recent memecoin antics, no one (at least in Las Vegas) can say they didn’t see that coming.
There’s a Dogwife in the Las Vegas area
So here’s what happened: A group of Dogwifhat supporters launched a week-long campaign to raise $650,000 to advertise the memecoin at Sphere, Las Vegas’ recently launched vintage event venue.
The Solana-based memecoin’s marketing campaign attracted donations ranging from $1 to $100. Additionally, two major donors each gave more than $9,999 to the campaign.
As of this writing, memecoin’s fundraising campaign has raised over $701,500 in USDC donations in less than four days. The resulting hype helped lock in big gains for the Dogwifhat cryptocurrency, pushing the WIF price to a new ATH on March 14th.
But not everyone was enthusiastic about the campaign. A cryptocurrency trader using the username BoldLeonidas claimed that the marketing campaign was a signal of the market’s best. Leonidas’ argument comes from the history of cryptocurrency.
During previous bull cycles, cryptocurrency companies launched aggressive marketing campaigns right before the market crashed.
Moreover, to give the skeptics an advantage, the campaign may turn out to be spam, draining the organizers of their funds. If that happens, Dogwifhat will likely wipe out all profits as a result of the FUD-induced sell-off.
Currently everyone is waiting for the Las Vegas Sphere to depict a Shiba Inu dog wearing a hat or otherwise woven hat.
WIF price chart new ATH
Meanwhile, WIF prices are using hype toAscending ChannelThe March 14 pattern showed ATH near $3. Moreover, the rising price means that Dogwifhat is one of the few memecoins, if not the only one, to be trading with a decimal price label.
Its predecessors, Dogecoin and Shiba Inu, are still well away from the $1 price tag.
If the rally continues, the WIF cryptocurrency price may find resistance near the 0.618 Fibonacci level around $3.34. However, a reversal of the immediate resistance could help Memcoin rally to resistance near $4.3.
WIF’s relative strength index (RSI) remains overbought, hitting 90.88 on the daily chart. RSI is a momentum indicator that measures the movement of an asset’s price to identify overbought or oversold conditions.
Traders often view overbought RSI levels as bearish signals. This is because it usually occurs before a bearish reversal or consolidation phase in the underlying token.
Moreover, it is likely that early entrants will start booking profits. Therefore, WIF price may plunge to the 0.382 FIB support level near $2.1. A violation of this immediate support could result in the Dogwifhat token price testing support near $1.28 before recovering.