Solana-based meme coin Dogwifhat (WIF) has seen a major value and market capitalization surge over the previous two weeks, recording a 68% enhance in worth throughout this era. WIF reached $2.81 on Monday, marking its highest month-to-month valuation.
The token’s market cap has additionally skilled important progress, practically doubling in only one month from $1.5 billion to its present market cap of $2.8 billion. Nonetheless, specialists anticipate additional progress in WIF’s market capitalization, probably ensuing within the token surpassing its earlier all-time highs (ATHs).
Bullish Predictions For WIF
After hitting an ATH of $4.83 on March 31, WIF underwent a pointy correction that lasted nearly 4 months, dropping over 50% after hitting a year-low of $1.48 in June. Nonetheless, crypto analyst CryptoSmith says a transfer above the ATH is barely a matter of time.
Associated Studying
In a current publish on X (previously Twitter), CryptoSmith forecasted a major upward transfer for WIF within the coming months if the present uptrend persists, predicting that earlier than the tip of the yr, particularly between October and November, WIF will obtain a market capitalization of $6 billion. CryptoSmith additional contends, “$WIF will lead this ”meme coin tremendous cycle” to Valhalla.”
Analyzing the token’s market cap of $2.8 billion and its whole provide of 998,926 WIF tokens, a $6 billion market cap predicted by CryptoSmith may ship the token to new highs above the $6 mark.
This could be a brand new milestone for the dog-themed meme coin, with the potential of surpassing the twentieth largest cryptocurrency in the marketplace by market cap, UNI, which has a market valuation of $5.9 billion on the time of writing.
Potential For $28 To $56 Value Surge
Supporting the optimistic outlook, market skilled “Enguin” on X highlights the case for holding WIF and considers it a serious participant within the crypto house, with a market capitalization surpassing cash like Hedera’s HBAR, ATOM, VET and Optimism’s OP token.
Moreover, the skilled believes three key elements contributing to WIF’s significance are its elevated stability, elevated liquidity by way of a number of change listings, and a “well-established” mindshare appearing as an autonomous advertising pressure. Enguin additional said:
Additionally as a recent new CTO meme from The Folks’s Chain (Solana), there’s a robust narrative for it turning into the #1 canine coin for a brand new period of crypto customers. I’m not married to this concept, however when you think about it an actual chance, a 10-20x from right here is feasible
In keeping with the skilled’s evaluation, a possible 10x surge would take the token to a staggering valuation of $28 per token, whereas a 20x value surge may take WIF’s value as excessive as $56. “Relying on how loopy issues get, it may go even increased,” Enguin said.
Associated Studying
Curiously, Enguin additionally predicts a notable progress in market capitalization, just like CryptoSmith’s projection, believing that the meme coin has “probably the greatest possibilities” to achieve the highest 10 largest cryptocurrencies by market capitalization, which might imply progress above the $17 billion mark, just like Toncoin’s (TON) valuation as of this writing.
Featured picture from DALL-E, chart from TradingView.com