dogwifhat

Dogecoin

Shiba Inu

Dogwifhat (<a data-ct-non-breakable="null" href="https://cointelegraph.com/dogwifhat-price" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/dogwifhat-price">WIF</a>) has risen 10% in the past 24 hours, reaching a high of $2.20. Its market cap has rebounded comprehensively above $2 billion for the first time in seven weeks.
WIF flipped a key resistance on Sept. 24 after the token rallied above $1.96. Price action is gaining bullish traction at the moment as the <a data-ct-non-breakable="null" href="https://cointelegraph.com/price-indexes/memecoins" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/price-indexes/memecoins">memecoin</a> targets the next resistance at $2.85.
<figure><img alt="Memecoins are back? Dogwifhat price rallies 46% in September" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922da6-c9a2-7828-a5fa-17e56fdce23a">
 <figcaption style="text-align: center;">
 Dogwifhat 1-day chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="dogwifhat-leads-memecoin-rally-but-holder-growth-slows">Dogwifhat leads memecoin rally but holder growth slows</h2>
The memecoin market cap is currently up by 6.8% in the past 24 hours, crossing above $51 billion and reclaiming pre-August crash levels. Data from CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/categories/meme-token" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.coingecko.com/en/categories/meme-token">highlights</a> that Dogwifhat remains the fourth-largest memecoin in the industry.
While OG meme tokens like Dogecoin and Shiba Inu remain on top in terms of market cap, it was observed that Solana-based memecoins dominated the 30-day return with POPCAT, WIF demonstrating 52.9% and 24.2% monthly return on investment (ROI) respectively.
<figure><img alt="Memecoins are back? Dogwifhat price rallies 46% in September" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922db0-73e9-7859-a044-12a11b8b231f">
 <figcaption style="text-align: center;">
 Memecoin rankings by market cap size. Source: CoinGecko
 </figcaption>
</figure>
Yet, despite being one of the top performers, WIF has not witnessed an influx of new holders in the market.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/why-is-dogecoin-price-up-today" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/why-is-dogecoin-price-up-today">Related: Why is Dogecoin price up today?</a>
The latest <a data-ct-non-breakable="null" href="https://holderscan.com/" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://holderscan.com/">data</a> from holderscan.com indicates that only 2,322 new WIF holders, i.e. 1.29%, have been added over the past seven days. The total number of holders remains at 182,877, but the top 50 holders represent almost 54.84% of the supply.
<figure><img alt="Memecoins are back? Dogwifhat price rallies 46% in September" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922dc4-8ebf-7bf9-bf1a-3444351776fe">
 <figcaption style="text-align: center;">
 Dogwifhat token details chart. Source: holderscan.com
 </figcaption>
</figure>
A slow holder trend for WIF infers that the futures market is potentially driving the current rally. As&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/https-cms-cointelegraph-com-articles-3727" rel="noopener noreferrer nofollow" target="null" text="null" title="null">reported</a>&nbsp;by Cointelegraph, open interest witnessed a 30% spike to $233 million at the&nbsp;beginning of the week, when WIF breached the $2 range.
<h2 id="will-renewed-wif-euphoria-push-the-price-to-3">Will renewed WIF euphoria push the price to $3?</h2>
WIF’s current price rally shows similarities to the memecoin euphoria from early 2024. Q1 rally was strongly represented by WIF 8,000% ROI in less than 3 months, which led to the rise of other memecoins such as POPCAT, BRETT, MEW, etc.
Now, a similar sentiment is brewing as several analysts are flipping bullish. Henrik Zeberg, Head Macro Economist at Swissblock, indicates that WIF is currently “breaking out of a long ABCDE-consolidation” and presents parabolic price targets by Nov. 11, 2024.
The chart below illustrates a whopping $80 range in the next six weeks, which is a 3526% increase from the current price.
<figure><img alt="Memecoins are back? Dogwifhat price rallies 46% in September" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922df9-c2c1-725b-9b24-9b96ebd696e2">
 <figcaption style="text-align: center;">
 Henrik Zeberg’s WIF prediction chart. Source: X.com
 </figcaption>
</figure>
Another independent trader, Dentoshi, mentions the immediate price target for WIF at a resistance of $3.
In an <a data-ct-non-breakable="null" href="https://x.com/Dentoshi/status/1838521939758928027" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/Dentoshi/status/1838521939758928027">X post</a>, the trader explains that WIF has completed a deep retrace from the 0.618-0.707 Fibonacci retracement lines. While the golden zone, or reversal range, lies between 0.5 and 0.618, Dentoshi terms this area the “golden pocket hold.”
<figure><img alt="Memecoins are back? Dogwifhat price rallies 46% in September" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922e41-5b23-76da-a475-2c461a781b66">
 <figcaption style="text-align: center;">
 Dentoshi’s WIF market analysis. Source: X.com
 </figcaption>
</figure>
The trader highlights that a move above from the golden pocket indicates a trend reversal, considering the previous top at $4.83 is not the trend high. After crossing $2, Dentoshi states,
<blockquote>
 “Oh, hello there, send it to $3 (and higher).”
</blockquote>
Meanwhile, on the one-day chart, WIF has a couple of bullish confirmations. The price broke above a falling wedge pattern and closed strong above key resistance at $1.95. As illustrated below, the resistance at $1.95 also coincides with the 0.618 level, which can act as a point of support going forward.
<figure><img alt="Memecoins are back? Dogwifhat price rallies 46% in September" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922e08-5b84-7cfd-8c17-0dae65f90888">
 <figcaption style="text-align: center;">
 WIF 1-day chart. Source: TradingView
 </figcaption>
</figure>
The immediate price target for WIF currently lies at $2.85-$3.00, with a key reclaim coming at $2.45-$2.50. At this point, WIF may face a strong pullback into support of $2 or continue to retest $3 in the next few days.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Memecoins are back? Dogwifhat price rallies 46% in September

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