- WIF is roaring again, up 62.83% in only a week.
- $1 isn’t only a dream anymore – it’s beginning to really feel inevitable.
dogwifhat [WIF] was wanting prefer it may be headed for a Mantra [OM]-style catastrophe, dropping 95% to $0.20 from its $4.80 excessive. However simply when it appeared doomed, the bulls confirmed up swinging.
In only a week, WIF has bounced 62.83%, and the cavalry won’t be carried out but – round 3,000 contemporary wallets have jumped in because the backside.
Certain, RSI’s heating up and there’s 50%+ unrealized earnings floating round, however the vibe’s nonetheless bullish. If something, $1 may be nearer than anybody dared to hope simply days in the past.
A shock rally that’s not a shock
WIF’s SOPR (Spent Output Revenue Ratio) simply shot above 1 – and if historical past’s any information, that’s a neon-green sign. Holders who have been deep underwater? They’re lastly again in revenue.
Supply: Glassnode
Right here psychology issues. When greed kicks in, new cash chases momentum, whereas outdated holders resist the urge to money out too quickly. WIF’s present setup appears to be following that basic playbook.
Recent addresses are piling in quick, and thus far, there’s no panic from both short- or long-term holders. In different phrases: no indicators of main profit-taking, but.
That’s fairly wild for a memecoin, the place “pump-and-dump” cycles are often the norm. Does this make WIF an exception? May we be seeing a FOMO-driven rally to $1?
$1 WIF: Nearer than you suppose?
From the place it stands, WIF would wish to pump one other 60%+ pump to reclaim $1. Sure, the SOPR is flashing inexperienced – however most holders are nonetheless sitting within the purple, with solely 15% of addresses at present in revenue.
In the meantime, Futures Open Curiosity has exploded by $44 million, that means the gang is loading up quick.
Supply: Glassnode
Backside line? WIF’s bought all of the elements for a full-blown FOMO rally, the place the true worry isn’t promoting – it’s lacking out on the momentum.
Including to the fireplace, the broader macro backdrop appears to be like sturdy too. WIF isn’t flying solo — different memecoins like TURBO have skyrocketed, posting a 135% achieve this week.
Certain, if the vibe throughout crypto sours, WIF may see a fast dip.
However judging by how aggressive the bulls are proper now, any pullback would in all probability get eaten alive — holding that shiny $1 goal nicely inside attain.