A pseudonymous cryptocurrency analyst, Bluntz, is casting a positive outlook on a ‘Dogecoin DOGE/USD rival’ that has seen an explosive increase.
What Happened: Bluntz said that the Solana SOL/USD based meme token named Dogwifhat WIF/USD has already hit its lowest point, falling below $0.10.
The analyst anticipates that such low prices will not be seen again “after the current market cycle is over.”
Dogwifhat saw a surge of 5,535% in value shortly after its first month of existence. This comes after several cryptocurrency exchanges such as Binance, KuCoin, Bybit, and Bitget, listed the token for trading.
Why It Matters: The chart plotted by Bluntz utilizing the Elliott Wave theory to guide his market analysis, notes from his one-day chart that WIF might be in the second phase of an anticipated five-phase surge, potentially propelling the coin to exceed $1.
“Instead of a clean 5 up it looks like a series of 1-2s where we just had a banger daily close right on the 0.618.sub 10c was the bottom, you won’t see those prices again until the cycle is over IMO. hat stays on,” Bluntz tweeted on X.
At the time of writing, WIF was trading at $0.38.
The Elliott Wave theory proposes that asset prices typically follow a rhythmic five-wave pattern for main trends, and a three-wave pattern during corrective periods.
The CEO of Messari, Ryan Selkis also expressed support for WIF. He said, “Thinking about making WIF my second largest holding after Bitcoin BTC/USD. I just like the hat.”
In a similar vein, Arthur Hayes, the co-founder of BitMEX, in a blog post wrote about a keen interest in acquiring both the smart contract cryptocurrency Solana and Dogwifhat. Hayes added, “I will load up on Solana and WIF. Bonk is the last cycle’s doggy money, and if it ain’t [WIF], it ain’t s***.”
Price Action: BTC was trading at $40,012, down 0.08% in the last 24 hours, according to Benzinga Pro.