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In today’s market update, Dogwifhat (WIF) recorded a 22% increase, now valued at $2.33, amid predictions of sustained upward movement. Meanwhile, the emerging meme coin, Sponge, captures attention with a 211% rise this month.
Traders anticipate WIF uptrend
Dogwifhat has seen resounding gains recently, pumping 22% today, 13% this week, and 495% this month.
With a $2.3 billion market cap, WIF is the fifth largest meme coin, following DOGE, SHIB, PEPE, and FLOKI.
As the Dogwifhat chart below shows, the parabolic run breached all Fibonacci extension levels and then used the 1.69 level as support.
This meteoric performance has drawn no shortage of support from leading market analysts, with many anticipating much more upside to come.
Taking a long-term outlook, analyst Credible_Chr1s suggests that WIF could reach a $10 billion market cap in this market cycle. This provides room for over a 4x from its current valuation.
The analyst said, “WIF and PEPE will hit $10B. That’s only getting halfway to old memes (DOGE and SHIB).” He continued, “The question is how high after that.”
Meanwhile, another trader noted that WIF is currently turning a previous resistance level into support, enabling an uptrend continuation to follow.
“WIF is turning resistance into support, setting up for its next explosive move,” they wrote.
The analyst then displayed a price chart, indicating that WIF’s next uptick could catapult it toward $2.8, an 18% increase from its current price.
Prominent TradingView analyst FieryTrading also anticipates a near-term increase. The trader predicts a move to $2.6, citing that WIF found support in an ascending channel and will now advance to the range resistance.
However, the analyst also notes that this could be a long-term trade “if the price breaks through the resistance.”
FieryTrading referenced the hourly price chart and noted that WIF’s RSI indicator reached the oversold territory for the first time since launching on Binance.
Typically, an oversold RSI hints at a trend reversal, particularly when in confluence with other reversal signals like bouncing from a support level.
Dogwifhat’s market sentiment is significantly bullish, laying the way for further upside. Similarly, Sponge looks poised for outsized gains as its price surges over 200% this month.
Trending Sponge token during presale
Launched initially alongside Pepe in the depths of the bear market, Sponge emerged as a meme coin sensation, pumping to a $100 million market cap.
It also secured 30K social media followers, 13K holders, and over ten prominent exchange listings.
However, with such a track record, the Sponge team has returned with Sponge V2 to capitalize on the more favorable market conditions.
Equipped with a new Mario Kart-inspired P2E racing game and staking mechanics, Sponge V2 boasts significant utility. This will help bolster token demand and presents a decisive advantage over the V1 token.
Since launching in February, Sponge V2 has climbed 244%. But with notable success and a market cap of just $129 million, analysts are significantly bullish on its future.
In addition to its bullish potential, market participants will be pleased to learn about Sponge’s generous staking mechanism.
Currently providing a 458% APY; this will decrease as more tokens are staked.
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