Cover image via U.Today
In the tumultuous landscape of the crypto market, the bitcoin last 24 hours have witnessed a remarkable turnaround, with Bitcoin and Ethereum touching multi-week lows and various cryptocurrencies facing substantial double-digit percentage declines. Despite the initial downturn, the market seems to have found its footing, and an unexpected contender has emerged as the star performer.
The Dogwifhat (WIF) meme coin, residing on the Solana blockchain, has seized the spotlight by soaring over 56% in the past few hours. This surge catapulted it to the first place of the top 300 crypto market performers in the given time frame. The WIF phenomenon, initiated in late 2023, has swiftly captivated the crypto community, culminating in an impressive feat amid recent market fluctuations. WIF to USD by CoinMarketCap
Having reached its new all-time high at $0.532 on Jan. 18 following its listing on Binance, WIF experienced a correction of nearly 60% in the subsequent days. However, the meme token found solid ground at $0.21 and has since rebounded by an astonishing 56%.
“Hat is still on”
As of now, the Dogwifhat token is teetering at a crucial resistance level of $0.335. Breaking through this barrier could pave the way for continued growth, potentially revisiting the peaks attained just a week earlier.
It is funny to note that within the realm of the 300 largest cryptocurrencies, a token adorned with the image of a Shiba Inu puppy in a knitted hat has emerged as the standout performer, defying market expectations. The resilience and momentum displayed by Dogwifhat (WIF) underscore the unpredictable yet fascinating nature of the crypto market.