Dogwifhat (WIF) Leads the Crypto Market with a 16% Surge to $1.37

On Wednesday, Dogwifhat (WIF) led the crypto market with a 16% surge to $1.37, becoming one of the best-performing cryptocurrencies in the last 24 hours.

Dogwifhat (WIF) price soared by 16% on Wednesday to lead the crypto market once again. The memecoin, which had dropped below the crucial $1 mark on Monday, recovered swiftly following its team’s tease of the long-awaited Las Vegas Sphere project.

A post by the official Dogwifhat X account on Tuesday night showed its mascot in Las Vegas with the Sphere as its hat and an old Nokia phone displaying “01.2025” on its screen. The account also stated that its “hat stays on,” adding that dates will be shared “as soon as we are allowed.”

The bullish tease helped WIF return to its recently lost support of $1.30 and sparked the broader community’s renewed interest in the memecoin.

After reaching an all-time high of $4.88 in March 2024, dogwifhat became the memecoin du jour, also leading the narrative during Q2 and showing some signs of life during the December pump.

However, WIF’s spotlight was stolen by the oversaturated memecoin sector and the rise of many other market sensations like PNUT and CHILL, dropping 40% in the last six months and 75% from its ATH.

During its 2,000% growth phase, many crypto investors put their hats on, which prompted a massive fundraising campaign to display the memecoin in the Las Vegas Sphere, the world’s largest LED screen, for a week.

The community raised $700,000 to achieve this dream but was left in the dark over the last several months. In July 2024, many investors expressed concern and frustration about the project after Crypto.com displayed Bitcoin’s logo on the Sphere.

Some community members questioned the project, calling the initiative an alleged scam. However, the organizer repeatedly assured the WIF community that they were working to make “wif on Sphere” happen soon.

Is The Dogwifhat Bottom In?

Crypto analyst Altcoin Sherpa shared his outlook on WIF’s recent performance, suggesting that the pump doesn’t seem “actually real/sustainable” based on the “overall chart/market conditions.”

However, he considers that if Dogwifhat shows some consolidation above the $1.23 mark, it could see another leg up. Meanwhile, crypto trader Bluntz stated that its current levels could potentially be WIF’s bottom.

According to the post, “the major A wave has now been swept” and there are some “nice signs of life forming” in the lower timeframes despite the retrace lasting longer than he anticipated.

The trader previously forecasted an “inevitable” fall to the $1 range, arguing that WIF was headed for a large retrace before the next parabolic run, which could lead to a new ATH.

After the recent performance, Bluntz warned that it is a “very early day, and we haven’t seen a 5-wave rise from the lows ‘yet’, but I think there’s a decent chance one has begun to form.”

Another market watcher also pointed out a one-month falling wedge pattern on WIF’s chart, which targets $1.90 at a “minimum and quickly” if the memecoin breaks out of the upper downtrend line at around $1.40.

As of this writing, dogwifhat trades at $1.21, a 14.4% surge in the daily timeframe.