Dogwifhat Price Forecast: Solana’s WIF beats PEPE in race for $4 Billion Valuation

Insights:

Dogwifhat (WIF) price reach yet another all-time high above the $4.67 mark on March 30 2024. The latest price upswing sees WIF become the 3rd-largest memecoin by Market capitalization.

On-chain data trends suggest WIF market is still far from overheated territories. Will WIF head towards new peaks above $5, or will the bears trigger $3 reverse?

WIF beats PEPE to $4 billion Valuation Milestone

The entire crypto memecoin sector has been on an parabolic rally in March 2024. From industry staples like Shiba Inu (SHIB) to newbies like Book of Meme (BOME) most top-ranked memecoins have delivered triple-digit gains in the past month.

But undoubtedly, Solana-hosted memes have attracted more attention and capital inflows than the broader market average.

Solana meme ecoystem’s dominance was brought to the fore again this week as Dogwifhat (WIF) recorded beat PEPE to a major milestone.

Santiment’s market cap chart below tracks the historical value of the total circulation supply of PEPE and WIF.

On March 30, 2024, WIF price surged to a new all-time of $4.67. But a closer look at the market data shows that WIF has now beat PEPE in the race to reach the $4 billion market capitalization.

At the time of writing on March 30, WIF has advanced to the $4.3 billion market valuation, with Ethereum-hosted PEPE still nestled just below the $3.5 billion territory.

For context, PEPE memecoin was created in April 2023, while WIF was only launched barely 4-months ago in mid-December 2023.

Hence, this shows that WIF community has grown significantly quicker than PEPE thanks to the booming Solana meme culture.

More importantly, the latest rally now places Dogwifhat 3rd-largest memecoin by market capitalization, behind Shiba Inu (SHIB) and Dogecoin (DOGE). By gaining  enhanced position and market share, WIF now stands in prime position to attract more capital inflows in the days ahead.

Dogwifhat Price Forecast: WIF sets sights on DOGE and SHIB after 480% Rally

The latest Dogwifhat price rally towards $4.70 on March 30 now puts WIF on course for to end the March 2024 with 480% gains. The Relative Strength Index (RSI) 20-day moving average shows that WIF bulls could extend the rally further above $5 in the coming weeks.

As seen below, WIF’s RSI 20-day MA is currently trending at 58, some distance away from overheated territories above the critical 70 threshold.

If strategic traders consider this an entry signal, WIF price could breakout above $5 in the days ahead, futher encroaching DOGE and SHIB market share.

But if the market enters a pull back, the $4.01 support will be crucial for the bulls. As depicted by the upper-limit Bollinger band indicator, loosing that vital psychological support territory could tilt the Dogwifhat market price momentum in the bear’s direction.