Dogwifhat (WIF) is making waves in the memecoin world with an impressive 46% rally in September. The token has seen a 10% increase in just the past 24 hours, reaching a high of $2.20, and its market cap has bounced back to over $2 billion for the first time in seven weeks. However, despite these gains, the number of holders has only increased by 1.29% in the past week.
On September 24, WIF managed to break through a key resistance level at $1.96, sparking optimism that the token could continue its upward momentum. Analysts are eyeing the next resistance level at $2.85 as the memecoin leads to a broader recovery in the sector.
The memecoin market cap has grown by 6.8% in the last 24 hours, now at over $51 billion, back to levels seen before the August crash. According to CoinGecko, Dogwifhat remains the fourth-largest memecoin by market cap, trailing behind well-established names like Dogecoin and Shiba Inu. However, Solana-based meme coins like POPCAT have outperformed this month, with returns of 52.9%, while WIF posted a 24.2% return.
Interestingly, despite its strong performance, WIF has not seen a significant influx of new holders. Recent data shows that only 2,322 new holders have joined in the past seven days, bringing the total number to 182,877. The top 50 holders control 54.84% of the total WIF supply, indicating that whales still dominate the market.
Some experts suggest that the current rally is driven by the futures market rather than an increase in holders. Open interest in WIF futures has surged by 30%, hitting $233 million earlier this week when the price crossed the $2 mark.
Looking ahead, analysts are bullish on WIF's potential. Henrik Zeberg, Head Macro Economist at Swissblock, predicts that the token could surge to $80 by mid-November, a massive 3,526% increase from current levels. Meanwhile, another trader, Dentoshi, sees WIF’s immediate price target at $3, having completed a key Fibonacci retracement.
With bullish confirmations on the chart and strong momentum, many are watching to see if Dogwifhat can break past $3 shortly.
