Meme Coin Outlook July 1st: Dogwifhat (WIF) Outperforms DOGE, SHIB, and PEPE

TL;DR

• Dogwifhat (WIF), a meme coin on the Solana ecosystem, has surged nearly 50% weekly to $2.30, becoming one of the top-performers in the cohort.
• Analysts predict a continued bull run for the asset, with forecasts suggesting it could reach $3 soon and possibly $12 by year-end.

WIF on the Spotlight

The largest meme coin built on the Solana ecosystem—dogwifhat (WIF)—has been making the headlines in the past several days due to its substantial price increase. It is up 12% daily and almost 50% weekly, currently hovering at the $2.30 level (per CoinGecko’s data).

Besides the price rally, WIF became the meme coin, generating the most daily trading volume. The figure stands at over $560 million, while second place belongs to the frog-themed Pepe (PEPE) with approximately $490 million. The leading meme coins in terms of market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB ) – trail behind with $415 million and $170 million, respectively.

Numerous analysts noted WIF’s recent uptick, with some assuming this might be the start of a real bull run. The X user Bluntz claimed the asset’s price could skyrocket to as high as $12 by the end of the year.

Rager said he is against most of meme coins but WIF seems to be a different one, expecting its price to soar to $3 in the following days.

For those waiting for a trade, a break and hold for $WIF above $2.30 would be a good sign

I’m against majority of memes as I’ve been vocal about casino twitter, but this is one of the few that I’d take a trade

Wouldn’t treat it as a long term investment like Bitcoin but can… pic.twitter.com/pGpbKy5O9B

— Rager (@Rager) July 1, 2024

Meme Coin Revival

WIF is not the only meme coin charting significant gains today (July 1). The total market cap of the niche has surged to almost $53 billion (a 5% increase on a daily scale), with DOGE up 2.5%, SHIB rising by 2%, and BONK climbing by 8%.

For their part, lesser-known assets such as ANDY ETH (ANDY), LandWolf (WOLF), Toshi (TOSHI), Purr (PURR), Wojak (WOJAK), and many more have headed north by double digits.