Benzinga - A pseudonymous cryptocurrency analyst, Bluntz, is casting a positive outlook on a ‘Dogecoin (CRYPTO: DOGE) rival' that has seen an explosive increase.
What Happened: Bluntz said that the Solana (CRYPTO: SOL) based meme token named Dogwifhat (CRYPTO: WIF) has already hit its lowest point, falling below $0.10.
The analyst anticipates that such low prices will not be seen again “after the current market cycle is over.”
Dogwifhat saw a surge of 5,535% in value shortly after its first month of existence. This comes after several cryptocurrency exchanges such as Binance, KuCoin, Bybit, and Bitget, listed the token for trading.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: The chart plotted by Bluntz utilizing the Elliott Wave theory to guide his market analysis, notes from his one-day chart that WIF might be in the second phase of an anticipated five-phase surge, potentially propelling the coin to exceed $1.
"Instead of a clean 5 up it looks like a series of 1-2s where we just had a banger daily close right on the 0.618.sub 10c was the bottom, you won’t see those prices again until the cycle is over IMO. hat stays on," Bluntz tweeted on X.
At the time of writing, WIF was trading at $0.38.
time for a $WIF update.instead of a clean 5 up it looks like a series of 1-2s where we just had a banger daily close right on the 0.618.
sub 10c was the bottom, you wont see those prices again until the cycle is over imo.
hat stays on pic.twitter.com/pbXfj9QRJn
— Bluntz (@Bluntz_Capital) January 24, 2024
The Elliott Wave theory proposes that asset prices typically follow a rhythmic five-wave pattern for main trends, and a three-wave pattern during corrective periods.
The CEO of Messari, Ryan Selkis also expressed support for WIF. He said, “Thinking about making WIF my second largest holding after Bitcoin (CRYPTO: BTC). I just like the hat."
Thinking about making WIF my second largest holding after BTC.I just like the hat.
— Ryan Selkis (d/acc)