Dogwifhat (WIF), one of the popular names of memecoins, may be preparing for a new rise.

Dogecoin has increased by 30% in the last week, but the number of investors in the same period has only increased by 1.29% Popular memecoin WIF reached $2.20, rising 10% in the last 24 hours. Additionally, its market value surpassed $2 billion for the first time in seven weeks. So, what do analysts think about WIF?

The memecoin trend doesn't seem to end

Memecoin market cap has increased by 6.8% in the last 24 hours, surpassing 51 billion dollars and returning to pre-August crash levels. Data from CoinGecko shows that Dogwifhat remains the fourth largest memecoin in the industry.

While memecoins such as Dogecoin and Shiba Inu remain at the top in terms of market value, it has been observed that Solana-based memecoins dominate the 30-day return, with POPCAT and WIF showing monthly investment returns of 52.9% and 24.2%, respectively.

The current price rally of WIF is similar to the meme coin frenzy at the beginning of 2024. The first quarter rally was strongly represented by Dogwifhat's investment return of 8,000% in less than 3 months, triggering the rise of other meme coins such as POPCAT, BRETT, and MEW.

Can WIF reach $80?

Henrik Zeberg, Chief Macro Economist at Swissblock, notes that WIF is currently 'out of a long ABCDE consolidation' and presents parabolic price targets until November 11, 2024. The chart below shows a huge range of $80 forming within the next six weeks, representing a 3526% increase from the current price.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.