Dogwifhat (WIF) Price Spikes 58% in 7-Days After Solana ETF Filings USA and Canada

Dogewifhat Price Analysis 

Dogwifhat price gained 55% in the last week of June 2024, to open trading at $2.26 on July 1, rising WIF trading volumes suggest growing investor interest in Solana’s top memecoin after VanEck applied of SOL ETF in the US last week.

WIF Price Surges 58% on VanEck’s Solana ETF Filing

The global memecoin markets suffered significant downsizing in June 2024. But while mega-cap Shiba Inu (SHIB) and Dogecoin (DOGE) continue to struggle for fresh demand, Solana’s top memecoin Dogwifhat (WIF) has broken out of the downtrend, scoring double-digit gains in the last week of June 2024.

On July 27, 2024, US-based Fund manager VanEck announced that it had filed an application to launch spot Solana ETF in the USA. This announcement came barely a week after 3iQ filed a similar application for Solana ETPs in Canada.

As expected, these fresh developments not only lifted Solana (SOL) prices, but native projects like Dogwifhat have also recorded major upside over the past week.

The chart above shows how WIF price had declined to $1.5 on June 24, its lowest in more than 100-days dating back to March 7, 2024. But since then bulls have sprung into action, printing 5 green candles out of a possible 7, between June 24 and July 1.

During that period WIF price has delivered a whopping 58.45% gains, sparking hopes a bullish start to July.

Trading Volume Nears $250M as Market Demand Surges

While the odds of the Solana ETFs application in US and Canada still hangs in the balance, bullish headwinds from the recent filings are already in-play.  Since the recovery phase began in the aftermath of the crypto market crash on June 24, there has been a significant uptick in demand for WIF.

The Trading Volume chart below tracks the dollar-value of all transactions involving a specific crypto asset on any given trading day. Increased trading volume during a price uptrend suggests growing investors’ short-term confidence and vice versa.

Dogwifhat trading volume has sank to an 100-day low of $212 million around June 20. But after VanEck and 3iQ filed for Solana spot ETFs in US and Canada respectively, in the last week of June, the trading activity in WIF markets have been on a steady rise.

At the time of writing on July 1, WIF trading volume now sits at $247.5 million, reflecting a 16.5% surge in market activity over the last two weeks.

A steady rise in Dogwifhat trading volume despite a 58% price uptrend suggests that the market top may not be in yet for a number of reasons.

Typically, when a cryptocurrency experiences a significant price increase accompanied by rising trading volumes, it indicates strong underlying demand and sustained investor interest, suggesting the potential for continued price appreciation.

Additionally, the recent market dynamics imply that investors are not merely exiting positions to take profits but are instead increasingly participating, likely driven by optimism surrounding the broader acceptance and integration of cryptocurrencies in mainstream financial markets in the USA and Canada.

Dogwifhat Price Forecast: Clear Coast to $3?

Dogwifhat price has already broken above the $2.25 level at the time of writing on July 1. But current trends in Dogwifhat’s trading volume and price movement may signal further upward momentum. As the broader crypto market enters a recovery phase, it could further lift WIF price closer to the $3 mark in the week ahead.

Analyzing the current WIF technical indictors, the $2 now acts as a strong base after the recent breakout, while the $1.56 represents a longer-term  support as highlighted by the lower-limit Bollinger Band.

On the resistance front, Dogwifhat faces immediate resistance at $2.67, marked by the upper Bollinger Band. Beyond that, $2.80 serves as a significant resistance point from mid-June highs, and $3.00 stands as a round number and psychological barrier.

Breaking these resistance levels will be crucial for Dogwifhat to continue its upward trajectory.