Dogwifhat (WIF) Price Skyrockets, Market Cap Overtakes PEPE

The Solana-based meme coin, Dogwifhat (WIF), has experienced a significant surge this week, surpassing Pepe to become the third largest meme coin by market capitalization.

According to data from CoinGecko, WIF now has a market capitalization of US$4.5 billion, surpassing Pepe, which has a market capitalization of around US$3.3 billion.

Image: WIF price movement in the last seven days. Source: Coinecko.

WIF has experienced an extraordinary surge since its launch in November 2023. This meme token was initially valued at US$0.0000021, but its price has soared by over 2,000%, reaching its all-time high at US$4.63.

The annual price growth of WIF has also surpassed that of other famous meme coins, such as FLOKI, which experienced a growth of 558%, and PEPE, with an increase of 455%. The success of this meme coin is further reinforced by its availability on top exchanges like Binance, Bybit, Kraken, Bitget, among others, boosting its legitimacy and investor appeal.

Positive Trend in WIF Projected to Continue

As reported by Beincrypto, the price of WIF still has the potential to maintain its positive trend despite a slight decrease in the Relative Strength Index (RSI) over the 7-day period, moving from 86 to 85.

RSI WIF. Source: Santiment.

The RSI measures price momentum on a scale from 0 to 100. An RSI above 70 indicates an asset that is overbought and potentially overvalued, likely to decline. An RSI below 30 indicates an undervalued asset ready for a rebound.

A slight decrease in WIF's RSI amid the price increase indicates that although the price is rising, the momentum behind its rise is not excessively overdone, thus providing room for further growth without concerns of excessive price declines.

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