Galaxy CEO Hints That Dogwifhat Accumulation and WIF Price Will Rise
In a recent post on social media platform X, Galaxy Digital CEO Mike Novogratz discussed his interest in Dogwifhat (WIF), a popular solana meme coin. Additionally, the meme crypto community also showed renewed interest in Dogwifhat and the WIF price increased by over 5% after that. This rise put an end to the recent decline in the WIF price trend.
Dogwifhat Attracted the Attention of the Powerful People in the Industry
Novogratz intriguingly asked: “Does anyone know where I can buy one of the dog’s hats? “It’s the perfect gift for someone I know.” This seemingly mundane question has sparked speculation within the crypto community about potential interest in the Dogwifhat meme coin.
Galaxy Digital, known for its collaboration with Invesco in issuing the BTCO Bitcoin ETF, has not officially commented on any involvement with Dogwifhat. However, Novogratz’s post about X led many to believe that the company may consider the meme coin for its investment portfolio.
Adding to the excitement, tech entrepreneur Elon Musk made a cavalier remark about Dogwifhat during a livestream earlier this week. In the video that attracted great attention on X, Musk was heard saying that he “knew Dogwifhat”.
Moreover, Musk’s casual mention quickly attracted the attention of his large follower base on X and significantly influenced the market dynamics of the cryptocurrency. Its previous support of cryptocurrencies such as dogecoin has led to historically significant market shifts. Therefore, the latest comment has fueled speculation that Dogwifhat may see similar trends.
Dogwifhat, which features a Shiba Inu adorned with a distinctive knit beanie, saw impressive growth earlier this year. However, since late May, it had been stuck in a descending price channel, reflecting a steady downward trend. Market analysts are watching the coin closely as it approaches a key support level and oscillates between potential recovery and further decline in the future.
Despite the recent recovery, technical indicators highlight a troubled outlook for Dogwifhat. A descending channel, marked by gradually falling highs and lows, indicates continued selling pressure. Since the end of May, the coin’s value has fallen 30% and it is currently trading below the critical resistance level of $2.44.
Also Read: 3 Best Meme Coins to Buy as Bitcoin Under $65K Leads to a New Correction
Will WIF Price Rise Continue?
Dogwifhat 24-Hour Price Chart, Source: Trading View
It lost 14% of its value last week. Therefore, this support level is very important because if the bulls fail to hold this level, the price may decline further and possibly drop to $1.93. Further accelerating the downtrend is the Aroon Downward indicator, a tool used to measure the strength of a downtrend.
The Aroon Down Line for Dogwifhat sits at an alarming 100%, indicating a strong downtrend with recent low prices. It also suggests that selling pressure continues to prevail, overshadowing any buying interest. On the contrary, despite these declining indicators, there is still a glimmer of hope for Dogwifhat supporters.
If the current support level persists, a recovery towards the $2.70 resistance level may be possible. This will offer a temporary respite and an opportunity to potentially break out of the cryptocurrency’s descending channel. However, a violation of the support level can lead to a loss of investor confidence, which can lead to a sharp decline in value.
Current opinion on Dogwifhat is mixed. Although technical analysis is bearish, there are also optimistic predictions. Some analysts are predicting a significant price increase, predicting a 225% increase to $7.87 by mid-July 2024.
The Fear and Greed Index, which measures market sentiment, shows a high level of greed at 74, indicating potential overvaluation. Over the last 30 days, Dogwifhat has experienced 30% green days and 11.82% price volatility, indicating significant price fluctuations.
Moreover, the recent support from Galaxy CEO Mike Novogratz and Elon Musk could lead to a sustainable rise due to optimism spreading in society. At the time of writing, the WIF price rose 5.09% to $2.35 on Saturday, June 15, and its market cap was $2.34 billion.
Also Read: 4 Meme Coin Losers of the Week
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