Solana-based memecoin dogwifhat (WIF) is at the moment the best-performing cryptocurrency among the many prime 100 initiatives 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 development.
The crypto market witnessed a sudden enhance 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 12 months, however that was not the case. The liquidations could also be attributable to fears across the Mt. Gox reimbursement plan. Traders could also be anticipating a sell-off after Mt. Gox purchasers obtain their BTC holdings.
Will Solana-based WIF attain $3 this week?
In line 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 worth ranges would translate to a rally of about 242.5%.
Changelly, however, is extra bearish on the Solana-based memecoin. The platform anticipates WIF to commerce at a median worth of $0.2075 in August 2024. Reaching $0.2075 from present ranges would translate to a dip of almost 92%.
Given the present market correction, we could witness a worth correction for WIF as effectively. There may be additionally a risk that buyers will go for memecoins whereas different mainstream belongings bleed.
