Meme coin mania is reigniting after a brief lull, with dogwifhat (WIF) pumping over 24% in the past 24 hours.
While WIF’s resurgence has traders excited, all eyes are turning to the newly launched DogWifCat (DWIFC) token to see if it can produce even loftier gains by tapping into the renewed speculative frenzy.
Dogwifhat Price Spikes 24% as Token Flips FLOKI
WIF looks to be back after a period of relative quietness.
The Solana-based meme coin has seen its price spike over 24%, currently trading around $2.80.
This represents WIF’s highest valuation since last Tuesday.
Moreover, the rally has allowed WIF to clear two key hurdles – rejecting the 20-day exponential moving average (EMA) on the daily chart and breaking through resistance at $2.60.
A torrent of speculative trading interest has been fueling the uptrend, with 24-hour spot volumes jumping 60% to $473 million.
This heightened activity has also propelled WIF up the ranks of the largest meme coins by market cap.
It has now flipped Floki (FLOKI) to solidify its position as the fourth biggest meme coin behind only Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
Looking ahead, the next upside target for WIF holders will likely be $3.30.
This level was rejected one week ago, but with the recent rebound in momentum, it may be within reach once more.
Meme Coin Market Makes Comeback Ahead of Bitcoin Halving Event
While dogwifhat’s rally is commanding headlines, it’s far from the only meme coin experiencing a revival.
In fact, a wave of green has washed over nearly the entire meme coin market despite no clear catalyst.
The OG meme coin Dogecoin has added 2% since yesterday morning.
Other top players, such as Shiba Inu and Pepe, are also up by similar amounts, while more niche offerings, like MOG Coin (MOG), have produced double-digit gains.
The universally bullish price action could be being driven by whales and other large players, given that there don’t seem to be any fundamentals behind this uptick.
Another theory is that speculative interest is ramping up ahead of the Bitcoin halving event next month.
Although meme coins aren’t directly linked to the halving, they often see increased demand during periods of market optimism.
Regardless of the reason, it’s undoubtedly a fantastic start to the week for meme coin investors.
Is DogWifCat the Newest Meme Coin with Explosive Price Potential?
A new entrant called DogWifCat could be positioning itself as another token to benefit from (and potentially outpace) the broader uptrend.
Despite launching less than a week ago on the Raydium DEX, DWIFC has already experienced an enormous rise reminiscent of the biggest meme coin pumps over the past year.
In its first 48 hours of trading, DogWifCat rocketed over 6,000% from its listing price as early buyers piled into the dogwifhat-inspired token.
While the rally ran out of steam and DWIFC has given back a considerable chunk of those gains, the token has still demonstrated an incredible ability to surge higher at a moment’s notice.
Even after the initial spike and pullback, DWIFC has already produced multiple 70%+ pumps driven by bursts of buying activity.
The numbers around DogWifCat are staggering for such a new meme coin project.
It has rapidly grown a loyal following of nearly 8,000 individual holders.
Its market cap has also swelled to $5.5 million, with a hefty $3.3 million provided as liquidity on Raydium.
Perhaps most impressively, over $7.1 million worth of DWIFC has changed hands in just the last 24 hours alone.
This combination of hype and trading volume has prompted 1,200 people to follow DogWifCat’s Telegram channel in the past five days.
As the overall meme coin market bounces back, DogWifCat could be well-positioned as an under-the-radar token.
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