Meme Coin Investors Bullish on dogwifhat as Trading Volumes Rises, Price Pump Incoming?

Among the many meme coins that launched towards the end of last year, dogwifhat (WIF) was the most successful and the fastest to reach the top 4 meme coins in terms of market cap.

While its prices have since declined, the community remains just as active, with record-breaking traded volumes being recorded even amid current market conditions.

High Trading Volume Indicates Strong Investor Engagement

dogwifhat is currently the largest Solana meme coin, with a market cap exceeding $1.4 billion. It has gained remarkable popularity through its consistent community engagement and active posting.

Despite the fleeting novelty of many meme coins launched last year, dogwifhat has managed to stay relevant and secure its position as the 4th largest meme coin by market cap, following Dogecoin, Shiba Inu, and Pepe. The community speculates that this is proof of the project’s ability to sustain interest and growth.

The project’s community strength is evident in its impressive trading volume, which surpasses that of several major crypto projects. In the first week of August it ranked as the 4th most traded cryptocurrency, trailing only Bitcoin, Ethereum, and Tether. This increased volume, despite minimal price fluctuations, reflects the project’s ability to keep investors engaged and interested.

We got Elon Musk & Alex Jones replying to dogwifhat content, and Elon’s mum liking a $wif meme, all of that in like 3 days

This goes to double digits when the bullrun truly starts pic.twitter.com/gZszBmRZRm

— Free (@free_electron0) August 17, 2024

A significant contributor to dogwifhat’s success is its heavily invested community, which, alongside the developers, has played a crucial role in the project’s growth. As a community-centric project, this level of involvement is a major plus. Impressively, dogwifhat’s tweets have also garnered attention from influential figures like Elon Musk and Alex Jones, which, according to its investors, is a significant validation of its influence and potential within the crypto space.

WIF Price May Remain Stagnant

The price chart of WIF has been on a downtrend, though not without hope for investors. WIF is trading at around $1.414, and the price has been testing key Fibonacci retracement levels, particularly between the 0.618 level at $2.310 and the 0.786 level at $1.893.

The 0.786 level is crucial as it represents a strong support zone, and WIF is currently hovering just above it, suggesting that any breach below this level could result in a further decline towards the $1.361 mark or even lower.

A Moving Average Convergence Divergence (MACD) at the bottom would indicate that WIF is in a bearish phase, with the MACD line below the signal line. This bearish crossover is a sign that downward momentum could continue in the near term. Since the MACD histogram is also in negative territory, the bearish outlook becomes rather strong.

On the volume front, trading activity has seen a slight dip but still maintains high activity compared to its memecoin counterparts, indicating substantial interest in WIF. However, it is essential to consider the trend in volume as the price has been declining, suggesting potential distribution among investors.

If WIF manages to break above the immediate resistance near the $1.572 level, it could potentially rally towards the $1.69 mark, where the next resistance lies. However, given the current bearish indicators, the chances of a significant pump seem uncertain. A failure to hold the $1.41 level might result in WIF dipping further, potentially heading towards the next significant support level at $1.36 or even lower.

This Presale Meme Coin Could Be the Next dogwifhat

While dogwifhat has already matured into a large-cap project with a market cap exceeding $1.4 billion, making it a staple in the portfolios of memecoin enthusiasts, its rapid growth phase may be behind it. As a result, those looking for high-growth opportunities might find The Meme Games a more attractive option.

The Meme Games is a creatively made project that brings together the excitement of meme coins with gamification, offering investors a unique presale experience. When investors buy MGMES tokens, they can select a mascot they believe will win in the next Meme Games event.

These events, which occur within the ecosystem, randomly declare winners, offering a thrilling 25% bonus on purchases if the chosen mascot wins. This gamified presale has garnered significant attention, drawing in a rapidly growing community eager to participate.

To make it even more attractive, the project theme features a roster of popular meme coin mascots, including Pepe, Dogecoin, and even dogwifhat, each representing a country in Olympic-themed competitions. This crossover appeal has captured the interest of various memecoin communities, fostering a competitive and engaged environment.

ClayBro, a popular crypto YouTuber, called the project ‘a tiny crypto gem with crazy upside potential’ in a dedicated video where he discussed its potential for growth in the coming weeks.

Given the recent Paris Olympics events and the addition of an attractive staking option, The Meme Games appears well-positioned to become one of the top-performing meme coins in the coming weeks, making it a strong contender for investors to watch out for.

Follow the project’s official channels on Telegram and Twitter to learn more about it and keep up with its latest developments and updates.

Visit The Meme Games

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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