Over the past 14 hours, the Dogwifhat (WIF) memecoin has risen more than 1,0142% to $1,01. The jump has pushed its market cap to $XNUMX billion, making it the token the fourth largest blockchain memecoin by market cap Solana after Trump, Bonk and Fartcoin.
WIF currently has all the prerequisites for further growth. Thus, Santiment data shows that the number of new addresses in the network has grown from 1690 on Monday to more than 5000 on Tuesday. According to SolScan, the number of memecoin holders has been steadily growing and has exceeded 236,000, which indicates an increase in demand and investor confidence in the asset.
Technical analysis shows that WIF has more room to move higher after a cup and handle pattern formed on the daily chart. The bottom of the cup was at $0,3185, the low of April 8, and the top is at $1,3472, giving the cup a depth of about 76%.
The recent decline from $1,3473 to a low of $0,7825 formed the handle of the pattern. If we apply the same depth as the bowl from the upper resistance, the rise of the memecoin could reach $2,3885. This would represent a gain of 130% compared to current levels.
