WIF Surges 62% in a Week, Eyes $1 Target
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The Essentials at a Glance
dogwifhat (WIF) is currently experiencing an impressive recovery. Within a week, the price surged by 62.83%. The psychological barrier of 1 US dollar seems closer than ever. A strong increase in new wallets, positive on-chain data, and a bullish sentiment among investors could trigger another price jump. However, the risk of a setback remains.
WIF: From Crash to Recovery
Not long ago, things looked bleak for WIF. The price fell from a high of 4.80 US dollars to just 0.20 US dollars — a loss of around 95%. Many had already written off the memecoin rally. But then came the turnaround: within just a few days, WIF gained over 60%. Around 3,000 new wallets were created during this time, indicating growing interest.
Positive Signals on the Blockchain
An important indicator, the Spent Output Profit Ratio (SOPR), recently rose above the value of 1. The SOPR measures whether coins are moved at a profit or a loss. A value above 1 suggests that many investors could be selling their coins at a profit — a sign of healthy market dynamics. Currently, however, both short-term and long-term holders are maintaining their positions. This is typical behaviour during an emerging FOMO phase (Fear of Missing Out).
How Realistic Is a Price Target of 1 US Dollar?
Currently, WIF would need to rise by about 60% to reach the 1 US dollar mark. Only about 15% of wallets are currently in profit, indicating further upside potential. In addition, open interest in futures contracts has risen by 44 million US dollars. This suggests that many traders are betting on continued price increases.
The environment for memecoins is also favourable at the moment. Other projects such as TURBO recently recorded price gains of over 135%. If overall sentiment in the crypto market remains stable, WIF could continue to benefit. However, the risk remains that a negative market movement could abruptly end the rally.
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Our Assessment
WIF is currently showing many signs of a classic FOMO-driven rally. The strong price increase, the rise in new wallets, and positive on-chain data all point to further growth. Nevertheless, you should not underestimate the risks. Memecoins are known for extreme price volatility. Anyone investing should be aware of the high volatility and only invest capital they can afford to lose.
Sources
- Glassnode
- Unhashed
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