Dogwifhat (WIF)Tipped For Stardom: Analysts Expect $6 Billion Market Cap, 20-Fold Price Increase
23 July 2024 - 5:00PM
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Solana-based meme coin Dogwifhat (WIF) has seen a significant price
and market capitalization surge over the past two weeks, recording
a 68% increase in value during this period. WIF reached $2.81 on
Monday, marking its highest monthly valuation. The token’s
market cap has also experienced significant growth, nearly doubling
in just one month from $1.5 billion to its current market cap of
$2.8 billion. Nevertheless, experts anticipate further growth in
WIF’s market capitalization, potentially resulting in the token
surpassing its previous all-time highs (ATHs). Bullish Predictions
For WIF After hitting an ATH of $4.83 on March 31, WIF underwent a
sharp correction that lasted almost 4 months, dropping over 50%
after hitting a year-low of $1.48 in June. However, crypto analyst
CryptoSmith says a move above the ATH is only a matter of
time. Related Reading: US Spot Ethereum ETFs Poised To Draw
$1.2 Billion Monthly: Research Firm In a recent post on X (formerly
Twitter), CryptoSmith forecasted a significant upward move for WIF
in the coming months if the current uptrend persists, predicting
that before the end of the year, specifically between October and
November, WIF will achieve a market capitalization of $6 billion.
CryptoSmith further contends, “$WIF will lead this ”meme coin super
cycle” to Valhalla.” Analyzing the token’s market cap of $2.8
billion and its total supply of 998,926 WIF tokens, a $6 billion
market cap predicted by CryptoSmith could send the token to new
highs above the $6 mark. This would be a new milestone for the
dog-themed meme coin, with the possibility of surpassing the 20th
largest cryptocurrency on the market by market cap, UNI, which has
a market valuation of $5.9 billion at the time of writing.
Potential For $28 To $56 Price Surge Supporting the optimistic
outlook, market expert “Enguin” on X highlights the case for
holding WIF and considers it a major player in the crypto space,
with a market capitalization surpassing coins like Hedera’s HBAR,
ATOM, VET and Optimism’s OP token. Furthermore, the expert
believes three key factors contributing to WIF’s significance are
its increased stability, increased liquidity through multiple
exchange listings, and a “well-established” mindshare acting as an
autonomous marketing force. Enguin further stated: Also as a fresh
new CTO meme from The People’s Chain (Solana), there’s a strong
narrative for it becoming the #1 dog coin for a new era of crypto
users. I’m not married to this idea, but when you consider it a
real possibility, a 10-20x from here is possible According to the
expert’s analysis, a potential 10x surge would take the token to a
staggering valuation of $28 per token, while a 20x price surge
could take WIF’s price as high as $56. “Depending on how crazy
things get, it could go even higher,” Enguin stated.
Related Reading: Don’t Get Shaken Out, Analyst Says Bitcoin And
Altcoins Rally Is Just Starting Interestingly, Enguin also predicts
a notable growth in market capitalization, similar to CryptoSmith’s
projection, believing that the meme coin has “one of the best
chances” to reach the top 10 largest cryptocurrencies by market
capitalization, which would mean growth above the $17 billion mark,
similar to Toncoin’s (TON) valuation as of this writing.
Featured image from DALL-E, chart from TradingView.com
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