Meme coins are bouncing higher, reflecting data from CoinMarketCap as of September 27. Dogecoin, the world's largest meme coin by market cap, is up 16% over the last week. Shiba Inu and Pepe rallied similarly, adding 37% and 27%, respectively. This meme coin surge has also benefited DogWifHat (WIF), Solana's largest meme coin by market cap, which is up 14% in the past day and over 31% for the week.
Lookonchain data reveals that a meme coin whale is steadily accumulating WIF as prices rise. On September 26, the whale borrowed 2 million USDC and bought 894,854 WIF at $2.24, now controlling over 32 million WIF. Analysts estimate the whale's profits at over $86 million. This isn't the whale’s first significant purchase, signaling a belief in WIF's potential for continued growth.
The daily charts show the meme coin is gaining momentum after recovering from March 2024 lows. If WIF prices surpass $2.8, further growth towards a medium-term target of $4.8 is possible. Such a move would require prices to more than double from current rates.
The possibility of WIF reaching new all-time highs in the coming months remains strong, similar to another Solana meme coin, Popcat, which recently hit new highs above $1. Popcat is up nearly 120% in Q3 2024, drawing substantial interest from whales.
Related reading indicates other promising movements within the meme coin sector, such as Ethereum analysts setting new key levels for ETH. The continuing interest and investment in meme coins, including WIF, suggest an ongoing bullish trend.
