The meme cryptocurrency Dogwifhat (WIF), experienced an exceptional surge in its value during March, culminating in a record peak. The coin’s upward trajectory has sparked speculation that it may soon surpass PEPE, another major player in the meme coin sector. The potential for Dogwifhat to outperform PEPE has become a hot topic among crypto enthusiasts and investors.
Market Cap Milestones
Dogwifhat’s remarkable rise has seen its market capitalization cross the $3 billion threshold, edging closer to PEPE’s valuation. This growth has put Dogwifhat on the radar as a contender for the third-largest meme coin, a spot currently held by PEPE, with a market value of $3.36 billion.
As WIF’s market capitalization stands at $3.17 billion, the gap between the two meme coins is narrowing. If Dogwifhat’s ascent continues, it could dethrone PEPE, setting its sights higher on the rankings, potentially challenging prominent meme coins such as SHIB and DOGE.
Technical Analysis and Price Movements
Technical analysis indicates that Dogwifhat may be at the initial stage of a bull run. The Relative Strength Index (RSI) suggests sustained bullish momentum, while the Moving Average Convergence Divergence (MACD) shows an uptrend signal. These indicators are fueling expectations of a further price hike for WIF.
Currently, Dogwifhat is trading at $3.08, having experienced a slight drop from its 24-hour high of $3.24. If the coin regains its upward momentum, it could not only overtake PEPE but also hit new price targets. There is anticipation that WIF’s value could escalate to $3.50 and beyond during this trend.
However, if the current retracement continues, WIF might slide down to a support level of $2.73, which converges with the 50-day Exponential Moving Average (EMA). A breach below this point might trigger a further slide to the $2.50 region.