Dogwifhat (WIF), a relatively new memecoin, is stirring a revival within the Solana ecosystem after soaring by 19.07% in 24 hours to $0.1286.
Dogwifhat made its debut last month and has quickly redefined the pecking order of memecoins built on Solana. Dogwifhat resonated instantly with the community, with its price jumping to an all-time high (ATH) of $0.3313 13 days ago.
With the current outlook, Dogwifhat has recorded immense bullish growth trends since its short stint. According to historical records, the memecoin is up 2,623.16% against Ethereum (ETH) since it started trading and up by 2,509.77% against Bitcoin (BTC) in the same period.
Dogwifhat Bucking Market Trend
The broader digital currency ecosystem suffered a bearish meltdown on December 3 following a Matrixport report that suggests a likely rejection of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). The report triggered an encompassing slump that ushered in a liquidation of more than $660 million.
In a surprising move, Dogwifhat is proving to be relatively resilient, as its 24-hour gain currently far outstrips Solana’s 3.78% growth that helped the bigger coin reclaim the $100 resistance point.
Dogwifhat saw a major drawdown that dropped the price to a low of $0.08523, a price level that marked its All-Time Low since it started trading on exchanges.
The swift rate of recovery is unusual for memecoins, and Dogwifhat’s recovery has faced local resistance on its way up.
Ultimately, the token has shown it is here to stay, as many of the memecoins that emerged on Solana in the past month are yet to rebound from their first major drawdown.
Is Dogwifhat the Next BONK?
When a new memecoin emerges, it battles several stages before it becomes stabilized. From convincing the community of its legitimacy to surviving the first major price correction, Dogwifhat has struggled to check the boxes.
The token is currently giving indications that it might be the next BONK. However, it is important for investors to exercise caution and carry out due diligence before making any investment decision.
BONK has set a high standard as the pioneering memecoin on Solana, and time will show whether or not Dogwifhat can replicate the former token’s success.