Dogwifhat rallies; PEPE, FLOKI record double-digit gains

Dogwifhat spiked more than 58% in the past week and 3.8% on last check Saturday. The dog-themed meme coin faces strong resistance at $1.6809, with additional resistance levels at $1.7204 and $1.8468.

Dogwifhat (WIF), a token inspired by a popular internet meme featuring a Shiba Inu dog wearing a pink-knitted hat, hit an all-time high of approximately $4.83 in March.

Since its launch in December 2023, the token’s market capitalization hit $4 billion, positioning it as the third-largest meme coin after Dogecoin (DOGE) and Shiba Inu (SHIB).

Technical analysis of WIF indicates bullish momentum, with the Relative Strength Index (RSI) and Stochastic suggesting a potential continuation of this upward trend. 

Key moving averages, such as the 10-day and 20-day Exponential Moving Averages (EMA) and Simple Moving Averages (SMA), are providing crucial support and resistance levels.  Additionally, pivot points, derived from the previous session’s high, low, and close prices, are being watched as potential support or resistance zones.

For more in-depth coverage on Dogwifhat, read our “Chart of the Week” from Friday, July 19.

The recent price surge in Dogwifhat was driven by speculation about Dogecoin’s potential integration into an upcoming payments service on the social application X. This has indirectly impacted WIF’s price, given that both are dog-themed meme coins.

Dogwifhat operates on a decentralized governance model, empowering its community of token holders to influence the project’s direction. Unlike traditional systems with centralized authority, WIF holders can vote on proposals affecting the coin’s future, ensuring that decisions reflect the community’s interests. This model enhances user engagement and ownership, allowing them to shape the project’s evolution.

At the time of writing, Dogwifhat is trading at $2.51, with a 24-hour trading volume exceeding $730 million.

Similarly, Dogecoin has also recorded decent gains this week, rising by 16.1% over the past week and 6.5% in the last 24 hours. 

At press time, Dogecoin is exchanging hands for $0.126. This surge is attributed to increased trading activity and renewed interest from retail investors. It’s important to note that meme coins like Dogwifhat derive their value primarily from speculation and community hype rather than real-world utility.

PEPE and FLOKI record gains 

Floki (FLOKI) has surged approximately 33% over the past week, driven by market optimism and key developments in the cryptocurrency sector.

This rally aligns with the approval of several Ethereum exchange-traded funds (ETFs), which have spurred renewed interest in meme coins such as Floki, Dogwifhat, and Pepe.

Floki’s growing appeal stems from strong community engagement, a diverse ecosystem, a play-to-earn game and staking options, and upcoming features like a trading bot with a buyback mechanism.

With a market cap of over $1.8 billion, Floki is emerging as a significant player in the meme coin market, potentially challenging established rivals like Dogecoin and Shiba Inu.

According to the latest data, FLOKI is currently priced at $0.000188, reflecting a 6% increase in the past 24 hours. At present, FLOKI is the 58th-largest crypto in the world.

Conversely, PEPE has surged approximately 38% over the past week, fueled by substantial market inflows and positive investor sentiment.

Since its launch in April 2023, PEPE has surged by 21,867%, reaching a market capitalization of over $5 billion. At present, PEPE is ranked 25th among the top cryptocurrencies. In the last 24 hours, PEPE has rallied over 6.8%. 

The overall sentiment in the cryptocurrency market remains positive, with many investors actively exploring opportunities in meme coins. This trend has further driven PEPE’s recent gains, underscoring the coin’s resilience and growing popularity among traders.