Dogwifhat (WIF-USD) is a popular trade among crypto lovers after the rising meme token reached a new all-time high of $2.21 per token this morning.
This comes after the Dogwifhat crypto started trading on the Binance crypto exchange yesterday. Joining the exchange is a major win for the crypto and extends its reach to more traders.
Now that the Solana (SOL-USD) based token has reached a record high, some investors are wondering what will come next for it. That will depend highly on how other cryptos perform.
Where Will Dogwifhat Crypto Go Next?
It’s no secret that meme tokens are in a bull market right now after a long crypto winter. If that momentum can continue, it could mean even more gains for investors in WIF.
However, crypto traders will note that meme tokens like Dogwifhat are incredibly volatile. That’s because their prices are highly reliant on investor sentiment. While WIF is popular right now, it could lose out on much of its gains if traders lose interest.
That’s worth keeping in mind as many meme tokens have a hard time keeping momentum. In fact, many of them die early on as they fail to attract and maintain investor interest.
WIF is up 42.1% over the prior 24-hour trading period as of Wednesday morning. This comes alongside a 72.2% increase in trading volume over the same time.
Crypto lovers will want to stick around as there’s more than just Dogwifhat worth talking about today!
We’re offering up insight into all of the hottest crypto market news that traders need to know about on Wednesday! Among that are three cryptos approaching mainstream status, what to know about a potential central bank digital currency (CBDC) and more. You can find out all about these topics at the links below!
More Wednesday Crypto News
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
