Dogwifhat (WIF) has seen an astronomical rise over the past month, leaving investors to wonder if it can reach $5 by the end of March 2024.
In just one week, WIF has skyrocketed by an astounding 184%, propelling its market valuation beyond $1.4 billion and cementing its status as a top 100 cryptocurrency.
Currently trading at $1.48 after a 6.7% pullback over the last 24 hours, Dogwifhat hit an all-time high of $1.88 on March 4th before profit-taking dragged prices lower. However, as a sign of its incredible momentum, WIF has risen by 526% over the past 30 days.
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The Solana-based meme token has attracted no shortage of bullish backers, who have sent Dogwifhat on a parabolic run thus far in 2024.
This frenzy has been fueled by a confluence of factors – the inherent appeal of meme coins among retail investors hungry for the next Dogecoin or Shiba Inu, the abundance of liquidity still flowing into altcoins, and excitement over the project’s real-world utility plans involving NFTs and metaverse development.
Can Dogwifhat (WIF) hit $5 in March?
But can FOMO and hype alone push WIF to the $5 mark by March 31st? For Dogwifhat to rise 237% from current levels, it would need to ascend into the top 50 cryptos and sport a fully diluted valuation exceeding $4 billion—a tall task but not entirely impossible given its vertical trajectory so far.
However, sustainability remains a concern given WIF’s reliance on pure speculation rather than tangible fundamentals at this nascent stage. Some analysts have pointed to overextended technical indicators like the daily RSI hovering near 90 and unsustainable vertical parabolas on price charts.
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For a coin that gained 50% in a single day last week, amidst the frenzy, traders and investors are not discounting a further surge in March.
Various factors, including the overall market conditions, will determine whether WIF reaches the coveted $5 milestone over the next 4 weeks.
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