Solana-based meme coin Dogwifhat (WIF) has seen a significant price and market capitalization surge over the past two weeks, recording a 68% increase in value during this period. WIF reached $2.81 on Monday, marking its highest monthly valuation.
The token’s market cap has also experienced significant growth, nearly doubling in just one month from $1.5 billion to its current market cap of $2.8 billion. Nevertheless, experts anticipate further growth in WIF’s market capitalization, potentially resulting in the token surpassing its previous all-time highs (ATHs).
Bullish Predictions For WIF
After hitting an ATH of $4.83 on March 31, WIF underwent a sharp correction that lasted almost 4 months, dropping over 50% after hitting a year-low of $1.48 in June. However, crypto analyst CryptoSmith says a move above the ATH is only a matter of time.
Related Reading
In a recent post on X (formerly Twitter), CryptoSmith forecasted a significant upward move for WIF in the coming months if the current uptrend persists, predicting that before the end of the year, specifically between October and November, WIF will achieve a market capitalization of $6 billion. CryptoSmith further contends, “$WIF will lead this ”meme coin super cycle” to Valhalla.”
Analyzing the token’s market cap of $2.8 billion and its total supply of 998,926 WIF tokens, a $6 billion market cap predicted by CryptoSmith could send the token to new highs above the $6 mark.
This would be a new milestone for the dog-themed meme coin, with the possibility of surpassing the 20th largest cryptocurrency on the market by market cap, UNI, which has a market valuation of $5.9 billion at the time of writing.
Potential For $28 To $56 Price Surge
Supporting the optimistic outlook, market expert “Enguin” on X highlights the case for holding WIF and considers it a major player in the crypto space, with a market capitalization surpassing coins like Hedera’s HBAR, ATOM, VET and Optimism’s OP token.
Furthermore, the expert believes three key factors contributing to WIF’s significance are its increased stability, increased liquidity through multiple exchange listings, and a “well-established” mindshare acting as an autonomous marketing force. Enguin further stated:
Also as a fresh new CTO meme from The People’s Chain (Solana), there’s a strong narrative for it becoming the #1 dog coin for a new era of crypto users. I’m not married to this idea, but when you consider it a real possibility, a 10-20x from here is possible
According to the expert’s analysis, a potential 10x surge would take the token to a staggering valuation of $28 per token, while a 20x price surge could take WIF’s price as high as $56. “Depending on how crazy things get, it could go even higher,” Enguin stated.
Related Reading
Interestingly, Enguin also predicts a notable growth in market capitalization, similar to CryptoSmith’s projection, believing that the meme coin has “one of the best chances” to reach the top 10 largest cryptocurrencies by market capitalization, which would mean growth above the $17 billion mark, similar to Toncoin’s (TON) valuation as of this writing.
Featured image from DALL-E, chart from TradingView.com