Dogwifhat (WIF), a prominent meme coin based on Solana, has gained attention after being listed on the Robinhood trading platform. The announcement triggered significant trading activity, with both retail and institutional investors taking note of the development. Moreover, the hype matched that of XRP’s when the crypto exchange relisted it earlier this month.
Dogwifhat Price Surges But Volatility Remains
Following the listing, WIF price experienced a sharp increase of nearly 15% within an hour. However, the upward momentum was short-lived, as the price retraced from its peak.
As of now, Dogwifhat price is trading at approximately $3.33, marking a 6.93% increase over the past day. Earlier, the meme coin hit a weekly high of $3.655, reflecting heightened activity immediately after the Robinhood announcement.
Trading volume for WIF has also risen significantly to $1.34 billion, showing an 58.04% increase over the same period. Data from CoinMarketCap indicates growing participation in WIF trading, suggesting that traders are actively engaging with the asset.
WIF Price Surge to $5?
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WIF’s price action shows consolidation within a tight trading range, with a brief breakout following the listing news. However, the coin has since returned to its earlier range. Analysts highlight that Dogwifhat price must decisively break above the $3.75 mark and sustain a daily close at that level to trigger further gains.
A breakout above this threshold could see WIF climb by 25%, potentially reaching $4.70 in the near term. If bullish sentiment continues, WIF could even target the $5 mark.
Technical indicators also point to a positive outlook for WIF. The price remains above the 200-day Exponential Moving Average (EMA), signaling an uptrend. Meanwhile, the Relative Strength Index (RSI) is below the overbought zone, suggesting further room for price appreciation.
Moreover, on-chain data from Coinglass shows a 2.31% increase in open interest for WIF to $653.40 million over the past 24 hours. This metric, which continues to climb, reflects growing engagement among traders, who are actively building positions in the meme coin.
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Also Read: XRP Surges Amid Record Open Interest; Can Ripple Price Hit $30?
