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- Dogwifhat (WIF) outperforms Dogecoin and Shiba Inu in daily trading volume.
- Analysts predict WIF could reach and exceed $2.5 amidst strong performance.
Early in July, Dogwifhat (WIF), a meme coin based on Solana, overtook well-known competitors like Dogecoin (DOGE) and Shiba Inu (SHIB). CoinMarketCap data shows that WIF has established its market position with impressive daily trading volumes.
WIF has had trading activity of about $600 million throughout the last 24 hours. This astounding amount surpasses that of Pepe (PEPE), which, with $518 million in trading volume, took second place. Remarkably, Dogecoin (DOGE), the unchallenged market leader in meme coins, barely placed third with $424 million.
WIF Recent Performance
The strong comeback Dogwifhat had after the severe sell-off of last month shows that many investors still think it has bullish potential. CoinMarketCap data shows that the price of WIF at the time of writing is about $2.30, up 16.96% over the last 24 hours.
Shiba Inu (SHIB) was only sixth in trading volume with $172 million, even though it had the second-largest market capitalization at $10.2 billion. Bonk (BONK) and Floki Inu (Floki Inu) did better, with $208 million and $191 million, respectively.
According to the statistics, traders are interested in less well-known meme coins more than in the market leaders right now. More recent cryptocurrencies like Dogwifhat and BONK are clearly following this trend.
Analyst Predictions
On the other hand, a prior CNF report highlighted analysis that suggested Dogwifhat (WIF) might reach and beyond $2.5 given its robust early July results. The present bullish trend of WIF makes this forecast seem reasonable.
Also, Dogwifhat (WIF) is the second-best performing cryptocurrency asset in the global market, just behind Ethereum Name Service (ENS).
