Dogwifhat ($WIF) has seen an incredible recovery outpacing some of the top crypto assets. The asset has surged in price from $1.71 to $1.89 today. $WIF is currently up 9.4% on the daily chart, 23.5% on the weekly chart, and 11.1% on the 14-day chart. Despite this rally, the Solana-based meme coin is still down 1.7% month-over-month.
Source: CoinGecko
Also Read: Cardano: ADA Up 9%: Can It Reach $0.50 This Week?
Why Dogwifhat is skyrocketing
Source: Coinpedia.org
$WIF’s sudden price surge could be attributed to the bull run in the cryptocurrency market as a whole, with Bitcoin (BTC) approaching the $64,000 mark and other assets following suit.
The market recovery could be attributed to the Federal Reserve’s recent interest rate cuts. The central bank cut rates by 50 basis points last week. Lower interest rates often encourage market participants to take on more risk because it makes borrowing easier.
How to become a millionaire if meme coins hit $5?
To get $1 million worth of $WIF at $5 per coin, you would need 200,000 coins. Currently, the price of 200,000 $WIF is about $374,000. If successful, your portfolio will increase by 87%.
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This deal is very attractive, but when will dogwifhat hit the $5 level?
When will $WIF hit $5?
Reaching $5 would represent a 167.38% increase from current levels. Reaching this target would also mark an all-time high for the Solana-based meme coin.
Analysts at CoinCodex expect the asset to rise over the coming weeks. According to the platform, dogwifhat ($WIF) could breach the $5 level next month. The platform expects $WIF to hit $5.13 on October 20, 2024. CoinCodex predicts the meme coin will hit a high of $5.98 on October 22, 2024.
Source: CoinCodex
Meanwhile, Changelly has a more bearish outlook for $WIF: the platform predicts that the meme coin will breach the $5 level in 2033, about nine years from now, and trade at a peak of $5.14 in May 2033.
Also read: Kamala Harris’ endorsement of AI and cryptocurrency sends FET soaring
Source: Changelly
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