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Dogwifhat ($WIF) price has had a stellar run these last two weeks, with the meme coin marking two new all-time highs.
With this exceptional rise, the cryptocurrency has inched closer to outperforming $PEPE, and by the looks of it, this could happen anytime soon.
Dogwifhat Takes Over $PEPE
In the world of meme coins, the Dogwifhat price rise has created an atmosphere of worry for $PEPE holders. This is because the total market capitalization of $WIF has risen to cross the $3 billion mark and is presently close to overtaking $PEPE. The former has a market cap of $3.17 billion, whereas the latter is collectively worth $3.36 billion.
Should this flippening take place, $PEPE would lose its spot as the third-largest meme coin in the world, and $WIF would take its place.
Read More: Dogwifhat ($WIF) Price Prediction 2024/2025/2030
This Solana-based meme coin is interestingly only beginning its bull run, as indicated by the technical indicators. The Relative Strength Index (RSI), a momentum oscillator measuring the speed and change of price movements, is already in the bullish zone.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator is also exhibiting a bullish crossover. This is a trend-following momentum indicator used to identify bullish and bearish trends. At the moment, $WIF is close to initiating a bullish trend.
This could result in a further price rise for the meme coin.
$WIF Price Prediction: Can It Prevent a Decline?
Dogwifhat price is currently at $3.18, declining after failing to mark the new all-time high at $3.24 in the last 24 hours. If the bullish momentum picks up pace and $WIF manages to overtake the $PEPE coin, the price rise could continue.
Consequently, the $WIF price would be able to touch $3.50 and rally further.
Read More: How To Buy Dogwifhat ($WIF) and Everything Else To Know
On the other hand, if this correction does not stop, the meme coin could fall to $2.73. This support line is in confluence with the 50-day Exponential Moving Average (EMA), and losing it would invalidate the bullish thesis that could send $WIF to $2.50.