- Solana-based meme coin Dogwifhat (WIF) token has experienced a remarkable 57% surge in its price over the past week.
According to CoinStats data, WIF was up 11% in the last 24 hours to $2.80 and has gained 57% in the last seven days.
WIF has cemented its place among the top 50 crypto assets by market capitalization and now ranks as the 32nd largest crypto with a market value of $2.79 billion.
The exact reason for WIF’s 57% gain remains unknown, but a combination of factors such as bullish sentiment and technical breakout might be likely.
Technically, WIF appeared to break out of what seems to be a “cup and handle” formation on its price chart, indicating a bullish trend.
The cup and handle technical pattern often indicates the continuation of an uptrend after a period of consolidation. The “cup” part of the formation depicts a rounded bottom, while the “handle” is a brief period of consolidation preceding a breakout.
WIF has notably risen higher since forming a base at a low of $1.49 on July 11. Taken from this date, WIF has marked nine out of ten days in green, marking an uptrend. WIF reached highs of $3.11 in today’s trading session before seemingly encountering resistance.
Meme Coin Bullish Narrative Boosts Dogwifhat
According to CoinGecko’s recent Q2 Crypto Industry Report, meme coins dominated the most popular crypto narratives in Q2, 2024, accounting for 14.3% of the market.
What crypto narratives are most popular with investors?
Our Q2 Crypto Industry Report found that Meme Coins took the spotlight in 2024 Q2, leading the most popular crypto narratives with a 14.3% market share.
Read the full report: https://t.co/51vdGLcDTh pic.twitter.com/6MAKbYIyRt
— CoinGecko (@coingecko) July 21, 2024
According to CoinGecko, the most popular narratives in Q2, 2024, were meme coins, real-world assets (RWA) and artificial intelligence (AI), accounting for 35.7% of the market share.
This was comparable to Q1, 2024. Meme coins dominated the ranking, with four of the top fifteen most popular crypto narratives involving meme coins.
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