Will DogWifHat (WIF) Price Hit $10 If It Mirrors Shiba Inu's 2021 Rally?

The Solana-based dogwifhat (WIF) is an emerging memecoin that has gradually gathered investors’ attention with high momentum rally and whale movement.

The Solana-based dogwifhat (WIF) price has attracted attention with its high-momentum rally and whale movement. This community-driven token features a Shiba Inu dog wearing a pink knitted hat.

As the asset remains in its early stages, investors are speculating on whether dogwifhat price could follow SHIB's meteoric rise in 2021 and reach the $10 mark.

dogwifhat Price Target: $10 with SHIB's 2021 Rally Mirror

In 2021, the Shiba Inu price experienced an extraordinary rally of 45000%, pushing its value to a high of $0.000037 in May and its market cap to over $10 billion.

If WIF were to mirror SHIB's 2021 rally, it would imply a massive surge in its market value. The dogwifhat price currently trades at $2.77, and a 45,000% increase would bring its price to approximately $1,247.65—a figure that vastly exceeds the speculated target of $10.

However, considering the current market scenario, achieving a 45000% rally seems unlikely for dogwifhat price.

The SHIB rally in 2021 was fueled by an exceptional confluence of social media enthusiasm, meme culture, and a wave of retail investor interest in such assets.

While these factors are still valid and can offer substantial growth for most major memecoins, their impact has noticeably diminished in recent years. This decrease can be attributed to emerging competition like BONK, PEPE, DOGS, etc, which may siphon away the investors’ interest from WIF.

Moreover, the cat-themed meme asset also provides alternative investment opportunities for crypto participants, making it harder for assets like Dogwifhat to stand out.

Furthermore, the cryptocurrency market is steadily maturing, and more than social media hype is needed to drive sufficient buying pressure for an asset.

WIF Price Analysis: 6-Month Correction Ends for Dogwifhat

Since last month, the dogwifhat price showcased a high-momentum rally from $1.44 to $2.7, accounting for an 88% surge. Consequently, WIF's market cap surged by $2.27 Billion.

An analysis of the daily chart showed that this recovery resulted in a decisive breakout from a falling wedge pattern on October 6th. Established in March 2024, this chart pattern created a distinct correction trendline between two converging trendlines.

Although geopolitical tensions in the Middle East have hindered dogwifhat price rally post-breakout, the upward slope of the 20-day EMA continues to support bullish momentum. With sustained buying, the WIF buyers could target $4 and $4.8 in near future.

However, a breakdown below the downsloping trendline will accelerate the selling pressure and drive prolonged correction.

Conclusion: So, If WIF repeats SHIB's 2021 move, can dogwifhat price hit $10? The answer is ‘Yes.”

Can it mimic the complete 45,000% rally? The answer is ‘No' amid emerging competition, insufficient hype, and investors rather than just social media hype.

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