The Solana-based memecoin Dogwifhat (WIF) had a stellar run in March, hitting an all-time high of $4.83 on Mar. 30, 2024. The asset has since fallen by 23.4%. Although the asset has faced a 16.2% correction in the daily charts, WIF is still up by 24% in the weekly charts, 66.5% in the 14-day charts, and 134.6% over the previous month.
Also Read: Solana Nears $200 as SOL Meme Coin Presale Trend Continues
WIF’s massive gains in March could be due to Bitcoin (BTC) hitting a new all-time high. Solana-based memecoins, in general, have seen a massive price surge since 2023.
Despite the recent price dip, analysts anticipate WIF to break into a rally in April.
Solana-based WIF to hit a new all-time high
According to CoinCodex, WIF could surge to a new high of $5.09 on Apr. 7, 2024. Reaching $5.09 from current levels would translate to a growth of about 35.7%.
Furthermore, CoinCodex anticipates the Solana-based memecoin to continue rallying throughout April, reaching a high of $13.02 on Apr. 30, 2024. Hitting $13.02 from current levels would translate to a growth of over 247%.
Also Read: Can Dogwifhat (WIF) Hit $10 After Bitcoin Halving?
WIF’s bullish projection could be due to Bitcoin’s (BTC) halving event later this month. Many analysts anticipate a market-wide rally fuelled by BTC’s halving. Halvings are considered bullish as they reduce the supply of an asset. BTC’s gains may trickle into other assets, leading to a new bull run.
Changelly, on the other hand, is not very bullish on WIF. The platform anticipates the Solana-based memecoin to hit a maximum price of $0.1913 in April 2024.
However, if BTC hits a new high, fuelled by its halving event, we may witness other cryptocurrencies follow. Moreover, there is talk about a potential Ethereum (ETH) spot ETF (Exchange Traded Fund) being approved later this year, which may further accelerate the crypto market.
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