Dogwifhat Price Surge

Dogwifhat (WIF) token rose to around $0.92 on July 3, marking a 43% increase from its weekly low. Other Solana meme coins such as Bonk, Fartcoin, and Pudgy Penguins have also seen price rebounds.

Whale Accumulation and Market Trends

On-chain data reveals increased whale accumulation of WIF tokens, with holders now owning 39 million tokens, a rise from 38.4 million last month, indicating confidence in a continued price increase. The top 100 addresses have also raised their holdings from 746 million to over 771 million WIF tokens.

WIF’s exchange balances have dropped by 2% over the last month, signaling long-term commitment from holders. This trend might play a role in the anticipated crypto bull run in the latter half of the year, spurred by Federal Reserve interest rate cuts, institutional demand, and potential SEC approvals of spot exchange-traded funds.

Bullish Technical Indicators

Price Action

The daily chart signals further upside potential as WIF has surpassed its 50-day Exponential Moving Average. A breakout from a falling wedge pattern has occurred, indicating bullish momentum.

Pattern Formation

Additionally, WIF is forming a cup-and-handle pattern, with the cup’s upper edge at $1.34 and the base at $0.3185—indicating a depth of 76.26%. The expected breakout target is around $2.37, approximately 155% above the current levels. A bullish confirmation awaits a break above the cup’s rim at $1.3473.