- Dogwifhat (WIF) has dropped 34% in January and is trading 75% below its all-time high of $4.85.
- CoinCodex predicts WIF could surge 233% to $4.01 in the coming month, with an average price of $2.40.
- Despite whale sell-offs, social media interest in WIF has surged 45%, signaling potential for a strong rebound.
Dogwifhat (WIF) was a fresh name that caught attention. But as the market shifted toward utility-driven coins, WIF lost its momentum.
Unlike many assets, WIF has struggled through the new year. The meme coin has dropped 34% in January alone. As of now, it trades at $1.20. That’s after a sharp 9.7% drop in the past 24 hours.
WIF is far from its peak. In March 2024, it hit an all-time high of $4.85. Today, it’s 75% below that level. A steep fall, no doubt. But history shows meme coins can make dramatic rebounds.
Despite the recent drop, WIF has shown strength before. Over the last 12 months, it surged by 282%. That kind of rise isn’t common. It proves the coin has strong backing.
At its peak, WIF boasted a market cap of over $4 billion. Today, that number sits at just under $1 billion. Trading volume has also taken a hit, declining from $650 million daily in March 2024 to around $120 million now. Yet, these numbers still show it’s not forgotten.
Can Dogwifhat Reach $4 Again?
Some believe Dogwifhat is a temporary trend. Others see a comeback in the making. Data from CoinCodex supports the latter. Their projections suggest WIF could hit $4.01 in the coming month. That’s a 233% jump from its current price.
For February, CoinCodex estimates an average price of $2.40. That would still be a 100% increase from where WIF sits now. If this forecast plays out, WIF holders could see a major recovery.
Social media buzz can make or break a meme coin. WIF still trends among crypto circles. Mentions of “Dogwifhat” on X (formerly Twitter) have risen by 45% in the past week. This suggests renewed interest.
However, whale activity tells a different story. Large holders have offloaded nearly 12 million WIF tokens in the past month. That signals caution. Still, smaller investors continue buying. This divide shows a market on the edge.
WIF faces a critical support level at $1.10, a drop below could push the asset down to $0.85. On the upside, resistance sits at $1.50 and $2.00; clearing these levels could signal a bullish reversal. If momentum builds, WIF might aim for $4.01, as projected by CoinCodex.
WIF’s story is far from over. It has proven it can rally. With meme coins, sentiment drives prices. If hype builds again, WIF could surge.
But risks remain. The drop in whale holdings and overall market trends matter. For those willing to take the gamble, the upside is huge. If WIF does reclaim $4, early buyers will reap the rewards.