From Hat To Heights: Dogwifhat’s $17 Crypto Leap Electrifies Investors
2024年4月10日 - 10:00PM
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Dogwifhat (WIF) has been on a wild ride this week. As of Tuesday
evening, its value surged by nearly 10%, however, the
canine-inspired cryptocurrency could not sustain the momentum and
by Wednesday, it lost 14% of its value. Related Reading: Bitcoin
Below $70,000: Is $80K Still Possible, Or Is The Rally Over?
Dogwifhat’s Aggressive Rise And Sudden Dip The rollercoaster ride
began with a bang. Dogwifhat, a newcomer to the meme coin scene
built on the Solana blockchain, quickly drew investor interest. Its
lighthearted name and association with the ever-popular dog meme
trend fueled a buying frenzy, pushing its price up by double
digits. This bullish sentiment echoed a wider trend in the meme
coin market, which saw a 1.5% increase over the past week. WIF’s
price has risen by 90% during the past month, adding an enormous
$0.32 on average to its present price tag. This rapid rise
indicates that if the coin keeps growing, it has the potential to
become a reliable asset. WIF price action in the last month.
Source: CoinMarketCap On March 29, Dogwifhat surpassed Pepe (PEPE)
to become the third-largest memecoin by market capitalization,
according to CoinMarketCap data. However, the euphoria surrounding
Dogwifhat proved short-lived. The broader Solana meme coin
category, which includes WIF, witnessed a steeper decline compared
to the overall meme coin market. This suggests factors specific to
Solana meme coins, possibly network congestion or concerns about
the platform’s scalability, might be contributing to the price
drop. WIF market cap currently at $3.3 billion. Chart:
TradingView.com Dogwifhat’s Future: A Lofty Prediction, But Is It
Realistic? Despite the recent dip, some analysts remain optimistic
about Dogwifhat’s future. Changelly, a leading on-chain metrics and
price prediction firm, has released a forecast that has set tongues
wagging. Their prediction? Dogwifhat could reach a staggering $17
in the near future, representing a potential surge of a whopping
300% from its current price. Related Reading: Polkadot Shines – Is
Now The Time To Buy DOT Before $10? This rosy picture, however,
comes with a hefty dose of caution. The cryptocurrency market is
notorious for its volatility. Meme coins, in particular, are known
for their meme-driven price fluctuations, often lacking the
underlying utility or strong fundamentals found in established
cryptocurrencies. While the potential for massive returns in meme
coins exists, so too does the risk of significant losses. On Bugs
And Project Postponements Meanwhile, as additional projects and
customers have joined its ecosystem over the past month, Solana has
experienced network congestion. Anatoly Yakovenko, the co-founder
of Solana, talked about the difficulties of “dealing with
congestion bugs” on Twitter last Thursday. As a result of the
congestion problems, several cryptocurrency projects have postponed
token launches in the past few days. solana’s current issue is not
a design flaw, it’s an implementation bug it is now hitting me that
some folks might not understand what we’ve been trying to say by
this for the past week I’ll simplify it (intended for non-technical
people) it is important to make this… pic.twitter.com/fNZzu9f90S —
mert | helius.dev (@0xMert_) April 8, 2024 Reportedly, developers
of Solana have scheduled the deployment of a patch for a
“implementation problem” that has caused the network’s transaction
failure rates to skyrocket on April 15. According to Helius Labs
CEO Mert Mumtaz, the current problem with the network is not a
“design flaw,” but the “implementation bug.” Featured image from
Bybit, chart from TradingView
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