While the broader cryptocurrency market is relatively depressed, meme coins are on the decline, with Dogwifhat leading the way. The most popular Solana memecoin hit an all-time high this morning.
Dogwifhat is a relatively new meme coin that was launched in the Solana ecosystem last November. Despite being a newcomer, he has made a name for himself in the highly competitive meme coin space. Today the coin started at $3.21 and traded sideways until 9 AM ET, when it suddenly began to surge, reaching $3.90 ATH around 4:30 PM ET. At the time of writing, it is trading at $3.81.
This marks our best daily performance since Dogwifefhat launched. According to Coingecko, Pepe recently upended relative veteran meme coin Pepe to rank 38th in the top 100, while Pepe ranked 43rd with a market capitalization of $3.8 billion and $3.37 billion, respectively.
There is actually still room for further upside if all things remain the same.
Dogwifhat’s Relative Strength Index (RSI) – an indicator that measures whether bulls or bears dominate the market – is currently at 69 points, indicating that the coin is oversold. This means that a group of major holders are waiting for the best time to take profits, which risks triggering a price correction.
In addition to this, price predictions based on technical analysis are difficult given the nascent nature of the coin (limited amount of historical data).
It is also important to note that meme coins are known to be highly volatile and lack fundamentals. For example, WIF vision is nothing more than “literally a dog in a hat.” This makes it vulnerable to rapid and unpredictable changes influenced by random events such as tweets, unrelated news, and market movements of other coins. These tokens are driven more by market sentiment than any other.
Other meme coins are also doing well these days. Besides Dogwifhat, the four best-performing tokens in the overall cryptocurrency industry top 100 are meme coins: Dogecoin (+16.83%), Floki (+12.7%), and BONK (+10%). Outside the top 10, PEPE is up +8.29% and is currently trading at $0.000008293 per token, Shiba Inu is up +5.85% and trading at $0.00003179, and 65 of the 100 largest meme coins are seeing some gains in the last 24 hours. is being recorded.
Today was an overall good day for meme coin traders. However, these tokens also tend to decay quickly. It’s important to exercise caution when handling these assets due to their high volatility, but if you’re a HODLer, you likely won’t care.
Edited by Ryan Ozawa.
