Popular Solana meme coin DogWifHat ($WIF) recaptured the crucial $2 price level in the early hours July 16th after rallying 24% overnight. The token’s blistering run has given it a new current price of $2.24.
This makes DogWifHat the best-performing among crypto’s top five classic Shiba Inu-themed meme coins.
Market leader and original meme coin, Dogecoin ($DOGE), rose 4.3% over the last 24 hours and 11.4% over the last seven days to trade at $0.1221.
Shiba Inu ($SHIB) and Bonk ($BONK) posted similar overnight gains. $SHIB added 8.4% while $BONK climbed 10%.
Where they deviated, however, was in intraweek performance. The Ethereum-based Shiba Inu rose 14.3%, while Solana’s Bonk actually fell 1.2%.
Floki ($FLOKI) tracked DogWifHat closely, rising 20% overnight and 25.6% over the week to hit $0.0001857 as of this writing.
Today’s news means the meme coin sector is currently outpacing the market leaders.
The world’s favorite cryptocurrency, Bitcoin ($BTC), rose 1.3% overnight and 9.3% over the week to change hands at $57,397.
Its number one contender, Ethereum ($ETH), rose 2.1% overnight and 9.5% in seven days to its current price of $3,050.
DogWifHat Price Analysis – Resistance on the Way?
In spite of its blistering overnight run, DogWifHat is still underperforming relative to its trajectory over the last three months.
Should the token continue like this, it could prompt a few investors to exit their positions for more reliable alternatives with better fundamentals.
From mid June onwards, $WIF has found new resistance as it struggles to recapture $2.50.
The meme coin previously found resistance at $4 and support at $2.50 throughout May, however it’s now finding bottoms at $1.50, as shown by the green line.
Source: TradingViewIn the early hours between July 15 and July 16, $WIF’s Relative Strength Index (RSI) almost hit 90, a clear indicator of an overbought asset.
Now it’s back in the healthy range at 65, but the ensuing correction will likely end the token’s rally and depreciate DogWifHat’s price in the short term.
DogWifHat Fans Crowd Into GameFi Meme Coin Shiba Shootout
Of the five classic canine meme coins, DogWifHat and Bonk’s market positions look the most precarious.
In a bid to attract more value beyond novelty, $SHIB’s developers have added privacy/security features and are developing its ecosystem on a proprietary Ethereum layer 2 called Shibarium to position the token as a DeFi contender.
Meanwhile, $FLOKI is adding a trading bot feature this year. Dogecoin has first mover advantage, the most established name and celebrity backing.
However, another Shiba Inu-themed coin that has the potential to make DogWifHat obsolete this year is Shiba Shootout.
Shiba Shootout ($SHIBASHOOT) is a new Wild-West-style meme coin project that blasts some much-needed vitality and utility into the well-worn doge theme.
Early watchers say the token has what it takes to succeed.
At the heart of the gamification element lies the town of Shiba Gulch, a bustling Web3 settlement where the Shiba Shootout community gathers to undertake challenges, showdowns and meme sharing.
Saddle up for the #LegendOfShibaShowdown! Step into a digital Wild West where crypto meets cowboy charm.
Gear up for a high-stakes battle of creativity and wit in the heart of the frontier. Ready to duel? pic.twitter.com/coKfFikAbL
— shibashootout (@shibashootout) July 15, 2024
The strong social element combines with a unique multiple opportunities for players to generate rewards. This immersive, engaging and addictive Web3 social experience has 1000x potential as the next Dogecoin contender, because quite simply: there’s nothing else like it.
Pick it up at a fixed presale price of $0.0196 per token. Investors can purchase $SHIBASHOOT with ETH, BNB and USDT, or they can pay by credit or debit car.
Follow Shiba Shootout for updates on X and Telegram.
Read more and join the presale over on the official website
The post DogWifHat Holders Switch to New Dog Meme ICO, Targeting 1,000% Profits appeared first on Cryptonews.
