Solana

Galaxy

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In a surprising move, <a href="https://u.today/dogwifhat-wif-surprise-how-solana-user-came-close-to-missing-epic-rally" rel="noopener noreferrer nofollow">Dogwifhat (WIF)</a>, a meme coin on the Solana blockchain, has surged by over 5% despite a general slowdown on the broader cryptocurrency market. This surprising rebound comes as a breath of fresh air as the market witnesses a period of stagnation.
The cryptocurrency market is currently experiencing a lull, with many major assets showing little to no movement. <a href="https://u.today/ethereum-vs-bitcoin-is-60-eth-price-collapse-on-horizon" rel="noopener noreferrer nofollow">Bitcoin and Ethereum</a>, the market leaders, have held steady in their price, setting the tone for other cryptocurrencies. Market performance remains mixed, with a handful of cryptocurrencies posting losses in a 24-hour time frame.
However, amid this market's lackluster action, Dogwifhat has managed to capture attention with its notable price increase.
WIF has been steadily climbing since hitting a low of $2.20 in Friday's market decline, which saw Bitcoin fall to its lowest price in nearly a month, prompting a flurry of crypto long position liquidations. <img alt="TradingView" data-entity-type="file" data-entity-uuid="dff452aa-9808-4feb-8d3c-dd1309be4e52" src="https://u.today/sites/default/files/inline-images/16062024%200000.png"><a href="https://www.tradingview.com/x/fuRAgp2H/" rel="noopener noreferrer nofollow">WIF/USD Daily Chart, Courtesy: TradingView</a>
At the time of writing, Dogwifhat was extending its rebound, up 5.16% in the last 24 hours to $2.53, having hit intraday highs of $2.55. If today closes in the green, WIF might mark its second consecutive day of gains. The Solana meme coin currently ranks as the <a href="https://coinmarketcap.com/currencies/dogwifhat/" rel="noopener noreferrer nofollow">41st largest</a> cryptocurrency with a market valuation of $2.52 billion.
Meme coins often experience volatility based on news and hype cycles; Dogwifhat's surprising rebound might have been aided by a recent memetic statement made by Galaxy Digital CEO Mike Novogratz on X that indirectly alluded to Dogwifhat.
In a tweet, Novogratz enquired: "Anyone know where I can buy one of the hats from the dog? Perfect gift for someone I know." An X user responded "dogwifhatstore" to which Novogratz responded "Gracias."
As <a href="https://u.today/solana-meme-coin-dogwifhat-wif-skyrockets-47-whats-behind-rally" rel="noopener noreferrer nofollow">Dogwifhat</a> continues to rise, it may encounter resistance around higher price points mainly at the daily SMA 50 at $2.94, particularly if the overall market sentiment does not change. As the scenario evolves, it remains unknown if Dogwifhat can maintain its momentum or if this surge is a temporary spike.

Solana Meme Coin Dogwifhat (WIF) Skyrockets 5% Amid Market Lull

U_Today

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