Solana-based memecoin dogwifhat (WIF) is at the moment the best-performing cryptocurrency among the many prime 100 tasks by market cap within the weekly charts. The asset has rallied by 13% within the weekly charts, 51.4% within the 14-day charts, and 36.3% over the earlier month. WIF has confronted a 3.5% correction within the final 24 hours, following the bigger market pattern.
The crypto market witnessed a sudden improve in liquidations following the launch of the Ethereum (ETH) ETF. Many anticipated the markets to rally, much like after the Bitcoin ETF launch earlier this yr, however that was not the case. The liquidations could also be attributable to fears across the Mt. Gox reimbursement plan. Buyers could also be anticipating a sell-off after Mt. Gox shoppers obtain their BTC holdings.
Will Solana-based WIF attain $3 this week?
In keeping with the analysts at CoinCodex, WIF will breach the $3 mark subsequent week, hitting $3.06 on Monday, July 29, 2024. The platform additionally anticipates the asset to hit a brand new all-time excessive subsequent month, going as excessive as $8.70 on Aug. 22, 2024. Hitting $8.70 from present value ranges would translate to a rally of about 242.5%.
Changelly, alternatively, is extra bearish on the Solana-based memecoin. The platform anticipates WIF to commerce at a mean value of $0.2075 in August 2024. Reaching $0.2075 from present ranges would translate to a dip of practically 92%.
Given the present market correction, we might witness a value correction for WIF as nicely. There’s additionally a risk that buyers will go for memecoins whereas different mainstream belongings bleed.