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Crypto analyst Bluntz Capital recently provided a bullish narrative for the Dogwifhat (WIF) token. As part of his analysis, he suggested that the meme coin could go head-to-head with the foremost meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB).
WIF To Go “Turbo Parabolic”
Bluntz hinted in an X (formerly Twitter) post that WIF’s next move to the upside could be the one that makes its price go “turbo parabolic.” He added that the meme coin would unlikely see any further pullback at the $0.50 resistance. From the accompanying chart the analyst shared, one could see that he was hinting at the meme coin hitting $1 when this parabolic move happened.
Bluntz is known to be very bullish on the meme coin and has shared several technical analyses of the meme coin’s chart on his X platform. This is also not the first time he has suggested that the crypto token will rise to $1. In a previous X post, he boldly claimed that WIF to “$1 is programmed.”
WIF is currently ranked as the sixth-largest meme token by market cap, according to data from CoinMarketCap. The crypto token has a market cap of $296 million, far behind the likes of DOGE and SHIB, which boast a market cap of $12 billion and $5.5 billion, respectively.
New Meme Coin To Overtake Bonk?
It is also worth mentioning that WIF (a Solana-based token) isn’t the largest meme coin in the Solana ecosystem. The crypto token is currently ranked second behind BONK (which has a market cap of $725 million). However, the altcoin’s rise to $1 could see the meme coin potentially claim the top spot, mainly because BONK’s price is way lower at around $0.0000114.
Interestingly, Arthur Hayes, the former CEO and co-founder of crypto exchange BitMEX, had highlighted WIF as one of two altcoins he would invest in. He also suggested that the meme coin overtake BONK, stating that the latter was the “last cycle’s doggy money.” Then, he added that “if it ain’t Wif Hat, it ain’t shit.”
The altcoin has already made significant strides to start this year, boasting a year-to-date gain of over 90%. In comparison, BONK has seen a decline of over 14%. The crypto token is also at an advantage since more eyes are expected to be on the Solana ecosystem heading into the next bull run.
At the time of writing, WIF is trading at around $0.29, down over 11% in the last 24 hours, according to data from CoinMarketCap.
Meme coin's price drops to $0.3 | Source: WIFUSDT on Tradingview.com
Featured image from Crypto Daily, chart from Tradingview.com
