Dogwifhat WIF/USD gained 16% in the past 24 hours and analysts remain bullish on the meme coin, with prices hovering around their all-time high level.
What Happened: Dogwifhat is currently trading around $2.25, just short of its all-time high of $2.38.
A WIF trader posted a picture of the Hachiko dog statue in Tokyo donning a knitted hat:
the hat has reached tokyo, wiflets are global
— bk.wif (@bkholdings_inc) March 11, 2024
帽子はかぶったままです! https://t.co/AqJnqvGhIF pic.twitter.com/aCVvmMuJed
10Delta, a widely followed crypto trader, foresees WIF performing well but also mentions some hurdles for the meme coin, such as its focus on a mostly Western, English-speaking audience.
The tweet adds, “Its pronunciation is particularly difficult for non-English speakers & the joke is lost in translation.”
Also Read: Dogecoin, Shiba Inu Welcome Dogwifhat In $2B Market Cap Club: Why Do Dogs Dominate Cats in Crypto?
Why It Matters: Dogwifhat announced plans to raise funds to showcase the meme coin on the Las Vegas sphere. It aims to collect $650,000 and already 85% of the contribution has been received.
Ethereum Damien noted in an X post that after the Wall Street Bull was seen wearing a knitted hat, the token went from 20 cents to $2. He wonders how far the price will rise following the Las Vegas sphere marketing stunt.
In a Bloomberg interview, the host described Dogwifhat as the token that has captured the meme zeitgeist of this cycle.
Meanwhile, BTCC Exchange's official page highlighted that trading volume remains high despite a staggering price increase. It remains to be seen whether prices will rise or fall from here.
The renewed enthusiasm for WIF will show whether the token can reach its bullish price targets.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
