Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Recent tweets from prominent crypto voices highlight significant moves in Dogwifhat (CRYPTO: WIF), driving both attention and market action toward this meme coin.
What Happened: DonAlt provided an update on Dogwifhat, a meme coin he has been trading since May 15, emphasizing the importance of adjusting invalidation points.
He noted that WIF has returned to his initial trade entry point: "Range breakout would be quite bullish, close below the range high would open up the same trade opportunity I took last time." DonAlt encourages traders to seize opportunities wisely.
Adding to the bullish sentiment, Bonk Guy commented on the short squeeze affecting WIF, expressing satisfaction with the current price action. "WIF shorts are getting squeezed hard right now, just the way it should be," he remarked.
He reaffirmed his prediction: "The hatted dog is headed to $10 and it’s never seeing $1 again. We are in a meme coin super cycle, whether or not you believe it."
Also Read: Star Trader Points Out Four Key Factors Of Successful Meme Coins: Dogecoin, Dogwifhat, Michi Are ‘Relatable Memes’
Why It Matters: Riding the bullish sentiment around the meme coin, Lookonchain reported substantial whale activity. Two whales have made significant purchases: one wallet spent 1.31 million USDC to buy 453,877 WIF at $2.89 and has an unrealized profit of $161,000, while another whale spent 4,036 SOL (worth $730,000) to buy 247,791 WIF at $2.95 and currently holds 1.4M million WIF ($4.5 million).
Dogwifhat in the past 24 hours accumulated 11% gains, cushioning its past week’s drop. In comparison, the meme coin leaders Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) dropped around 2% over the past 24 hours.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Meme Coins ‘Still Have Plenty Of Upside Left’: Trader Predicts TRUMP, BODEN To Dominate Election Season, Looks To Size Up On Dogecoin
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
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