The DogWifHat price has recovered to $2.56, and WIF has gained 1% today. Over the last day, the cryptocurrency market has been stable overall.
Despite the token's price decline of 26% in the last week and 36% in the last two weeks, it is currently the 44th largest coin on the market based on market capitalization.
Its continued increase of more than 160,000% since listing in December, however, highlights its noteworthy development.
Furthermore, it has the potential to surpass tokens like SHIB and DOGE in the market as the largest and most well-liked meme coin rooted in Solana.
In fact, WIF has dropped by almost 1% in the last hour, as seen by its chart, which indicates a clear lack of momentum.
As of this writing, its relative strength index is down to 40 from over 60 earlier this morning, and its trajectory indicates that additional losses might be ahead before the coin recovers on its own.
That being said, WIF's trading volume, which was only $30 million at the end of February, has increased to an encouraging $700 million today.
With OKX just a few days ago declaring its support for WIF, the big volume has mostly resulted from fresh exchange listings.
Constant conjecture also suggests that Coinbase may eventually join in the party with a listing of its own, which might drive the DogWifHat price even higher.
However, before anything major happens, the coin could need to wait for the broader market to turn more optimistic, as the prospect of a miner-led BTC selloff—which has already started in some capacity—may serve to lower mood at the present.
We could not see a significant recovery in WIF for at least a few months if such a selloff occurs.
There are, nevertheless, grounds for optimism, since the Bitcoin halving may help to enhance public perception of the cryptocurrency space.
April 2024, Cryptoniteuae