Arthur Hayes remains bullish on WIF token
Release: 2024/03/01 19:24 Reading: 388
The Solana-based meme coin DogWifHat (WIF) token once caught the attention of every crypto enthusiast as its price soared massively. In this ongoing bullish market sentiment, along with top cryptos like Bitcoin, Ethereum, Solana, and many others, WIF tokens also experienced a massive price surge of over 215% in the last 7 days.
Why WIF token price is increasing?While examining the performance of WIF, a prominent trader and former CEO of BitMEX, Arthur Hayes, made a post on X (formerly Twitter) and shared a humorous statement, stating, “The hat stays on. Who is WIF me?”
The fucking hat stays on. Who is
However, the main reason behind this post on X regarding WIF is that earlier in a blog post, Hayes mentioned that the DogWifHat (WIF) token is the next big thing in the rapidly evolving cryptocurrency landscape. Currently, he is not interested in any other cryptocurrencies, as reported by Todayq News on January 26, 2024.
Since then, the WIF token price has massively soared by over 170%, increasing from $0.35 to the current $0.94 level. It is also observed that following this support for WIF tokens, it has not experienced a price drop.
WIF technical analysis and performanceFollowing this recent post on X, the WIF token experienced a growth in its price. Currently, the WIF token is trading near $0.93, and in the last 24 hours, it has gained over 10% in upside momentum. If we examine the performance of WIF tokens over a longer period, in the last 7 days, WIF tokens witnessed a massive price surge of over 220%, while in the last 30 days, it recorded a substantial increase of over 320%.
According to expert technical analysis, in addition to Hayes’ support for WIF tokens, if we look at WIF on a daily time frame, it was observed that the primary reason behind this massive price surge is its breakout of the inverted head and shoulder pattern. Following the breakout, WIF surged significantly. However, based on the price action, it is suggested that the WIF token might need some price correction before its value aggressively soars.
Besides WIF tokens, other major top meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK) have also experienced a massive price surge in this bullish market sentiment. However, Hayes’ favorite meme coin was BONK, and he dumped all of his BONK tokens at a slight loss. This is not the first time Hayes has expressed his thoughts on any cryptocurrencies. In a blog post in December 2023, Hayes backed Solana’s BONK over SHIB.
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