Renowned cryptocurrency guru and Real Vision Group CEO, Raoul Pal, humorously captures the current altcoin season, touching on the trending cryptocurrency, Dogwifhat WIF/USD.
What Happened: On Sunday, Pal tweeted about his changing perspective on cryptocurrencies, from deep debates about blockchain technology to a somewhat whimsical acceptance of the latest meme coin trends. He quipped, “My crypto timeline has gone from mid curve debates about what is the superior blockchain technology to ‘f*** it, it’s a dog with a hat!'”.
Dogwifhat, the coin in question, has seen a staggering 361.59% increase in a single week. Pal’s endorsement of the coin reflects the current speculative nature of the crypto market and the massive popularity of meme coins.
He advised his followers on X, formerly Twitter, to “Leave your brain behind and enjoy” the current exuberance but to exercise caution in the “alt season.”
See Also: Pepe Coin Will Outperform Dogecoin, Shiba Inu, Floki, Expert Says: They Will ‘Bleed Against Pepe’
Why It Matters: Pal’s tweet comes in the wake of a prediction by BitMex’s co-founder, Arthur Hayes, who believes Dogwifhat could reach $2. This follows a profitable week for cryptocurrencies in general, with Bitcoin leading with a 19.5% weekly gain according to CoinMarketCap data.
Analyst Bluntz Capital predicted on X that the Solana SOL/USD-based meme coin, Dogwifhat, would surpass at least two of its meme rivals.
Dogwifhat briefly outpaced Bonk to become Solana’s top memecoin, with both tokens reaching a market cap of around $1.6 billion. Other traders, including Solana influencer Ansem and former Goldman Sachs executive Pal, echoed bullish sentiments, foreseeing a memecoin supercycle and the beginning of an “alt season” with increased liquidity flowing into smaller cryptocurrencies.
The coin’s popularity surged even more after being listed on Robinhood’s European platform, pushing its value up by 27% in a day.
Price Action: At the time of writing, WIF traded 5.3% higher at $1.57. Dogwihat 24-hour trading volumes were up 46.2% at $406.3. million.
Photo Courtesy: Shutterstock.com
Read Next: Welcome To The ‘Memecoin Supercycle:’ Mad Crypto Money With Ivan
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