Dogwifhat WIF/USD saw its price rally cut short, but cryptocurrency traders continue to showcase it as the prime example of the “meme coin supercycle.”
What Happened: Pseudonymous crypto influencer “0xMrWzrd“, in his recent tweet, shed light on the significant impact the meme coin has had, saying "WIF is the reason the meme supercycle thesis exists."
Among many reasons, he emphasizes the coin’s role in kickstarting the current meme coin craze as it pioneered the 1 billion supply meta, setting a new standard for meme coin tokenomics.
0xMrWzrd also highlighted Dogwifhat's innovative use of a picture as a ticker symbol, a trend that has since been adopted by numerous other meme coins.
One of the most impressive feats of Dogwifhat was its ability to reach a price of $1, a milestone that broke the idea of small unit bias in the crypto space, 0xMrWzrd states. This achievement demonstrated that even coins with a large supply could generate significant value.
“It’s the one that made it click for a lot of people,” he noted. Drawing a parallel to the impact of Bored Apes on the NFT market in 2021, 0xMrWzrd argued that WIF has done the same for meme coins, bringing them into the mainstream and sparking a broader movement.
“It’s the king for a reason,” 0xMrWzrd declared, emphasizing Dogwifhat's unrivaled position in the meme coin hierarchy: “There is no second best.”
Looking ahead, 0xMrWzrd predicts that $WIF has the potential to reach $100, a price target that would solidify its status as the leading meme coin and generate substantial returns for investors who recognized its potential early on.
Voicing a similar opinion, "apatheticwhale" also called WIF the "fastest meme coin to achieve a market cap of over $1 billion in approximately 6 months." He suggests traders wait for more months to see what is next.
Also Read: ‘Shiba Inu Killer’ Dogwifhat Dons Bull Hat On 7% Surge To $3.30: ‘Breakout,’ Says Trader
Price Action: At the time of writing, WIF was trading at $ 2.94, down 17% over the past 24 hours.
Why It Matters: Traders’ lofty long-term price targets were not reflected in short-term price action, as Dogwifhat suffered a serious price dip upon Itcoin’s pullback below $64,000.
Cryptocurrency trader CrediBULL Crypto, in his latest tweet, points out that Dogwifhat has retraced back to the point of breakdown while open interest has moved higher to the levels it was at before the last liquidation flush.
He forecasts the price to drop to around $1.50.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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