DogWifHat (WIF), Solana’s biggest meme coin, is up 10% in the past week after the wider market rallied.
The coin continues to show strength, outperforming most other established joke tokens.
But can WIF keep rallying and hit the $2 mark in the coming weeks?
WIF’s Explosive Rally Puts Coin Back in the Spotlight
WIF is on a roll right now.
It’s hovering around $1.76 after a 24% bounce from Wednesday’s low.
At one point today, WIF was up by 31%, but it seems some traders couldn’t resist taking profits – leading to a slight pullback.
Still, this is a big deal.
WIF hasn’t hit these levels since late August, and the numbers are catching people’s attention.
With a $1.7 billion market cap, this dog coin is no small player.
But here’s where things get even more interesting: spot volumes are up to $470 million in the past 24 hours.
That makes WIF the fourth most-traded meme coin out there.
On top of that, open interest has jumped to $194 million.
So, what does all of this mean?
In simple terms, it means investors are betting big on WIF, believing the coin’s value will keep rising.
The big question now is: how long can DogWifHat keep up this momentum?
Can DogWifHat Break the $2 Barrier?
Can WIF hit the $2 mark?
That’s what traders are wondering since it’s a key psychological level.
Taking a look at the daily chart, WIF has been bouncing between $1.38 and $2 since August 6th.
Every time it gets close to $2, it seems to hit a wall – likely a bunch of sell orders being triggered.
However, WIF did close above the 50-day EMA yesterday.
That’s generally seen as a bullish signal.
And it’s only around 12% away from $2, which is practically within arm’s reach for a coin like DogWifHat.
That said, there are reasons to be cautious.
Looking at the 4-hour chart, a large retracement candle popped up earlier today.
That could be a sign that the bulls are losing control.
So, will WIF keep rallying to $2?
It’s possible, especially given the current favorable conditions in the crypto market.
If WIF did reach $2 and close above that level on the daily chart, the next potential upside target would be the wicks around $2.30.
That would represent another 30% rise from where WIF currently is.
Why Crypto All-Stars Might Outshine WIF in the Next Bull Run
While WIF is in the spotlight, there’s another coin that could steal the show: Crypto All-Stars (STARS).
This coin is still in presale, but it’s getting a lot of attention. So, why all the hype?
It’s because Crypto All-Stars isn’t just a meme coin with a funny mascot.
The creators are offering a service called MemeVault – think of it as a savings account for your favorite meme coins.
You can stake popular coins like SHIB and PEPE and earn STARS in return.
Now, let’s compare Crypto All-Stars to DogWifHat.
Sure, WIF has an established market presence and a huge online community, but it has no real utility.
That means its price relies solely on speculative buying.
Crypto All-Stars is different.
It has a purpose: making your other meme coins work for you.
Plus, with a much smaller market cap and fast-growing Twitter community, Crypto All-Stars could have a lot more room to run.
Remember when DOGS came out of nowhere last month and took off?
STARS could be a similar surprise hit. It has the utility, presale funding, and influencer backing to match.
Of course, given that it’s an early-stage project, there’s no guarantee of success.
But while DogWifHat is chasing the key $2 level, Crypto All-Stars might have its sights set much higher.
