When Cryptonary’s WIF report came out on December 15th, $WIF was trading at $0.03. Since then, $WIF has ascended on a parabolic rally, reaching CPro’s long-term target of $1.
That is a 33x return in 77 days!
At the moment, it looks like the hat is firmly on, but let us take a closer look at WIF and how the meme coin is reacting to its recent milestone.
TDLR
- WIF is up around 33x since Cryptonary’s alpha on December 15
- WIF holders have increased by 52% in the last 50 days
- A follower put the ‘wif’ hat on Charging Bull’s head in New York
- Robinhood Europe listed WIF in their supported assets
- This meme coin will overtake BONK as the blue-chip meme coin on Solana
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
WIF holders continue to rise
On January 10, we released an update on $WIF and $POPCAT, where we highlighted that the number of WIF holders has increased by 40%. At present time, the price action has continued to go hand in hand, with improving fundamentals.In the last 51 days, WIF holders have risen from 33,125 to 50,415 right now. The rate of holders has increased by 52%. Hence, we can safely maintain that the WIF is going strong. Remember, with meme coins, a growing vibrant community often equals stronger price action.
On observing the WIF whales, the percentage allocation of the top account holder has dropped from 7.908% to 6.57%. That means the holder has sold a fraction of his holdings, which is fair considering the asset is up over 600% since January 10.
A reduced whale concentration is a positive development, as wider distribution leads to better price action as well. More holders, less single-person risk.
Twitter following has slowed down
Over the past 30 days, dogwifcoin’s Twitter handle has only added 4896 followers. Between December and January, it added more than 20000 followers. This might have been concerning, but followers are not directly correlated to its ‘trending’ potential.
But even though the Twitter following is slowing down, WIF is constantly being mentioned by top traders and large accounts. Most of crypto Twitter has identified it as the ‘meme’ of this bull run, and this narrative played out in real life.
The WIF of Wall Street
One anonymous follower managed to put the infamous WIF hat on the head of the “Charging Bull” in Wall Street, New York.
From a price action perspective, it did not have any impact, but categorically, this is the definition of meme-ing a token. $WIF has embodied this narrative to its core and now people are beginning to buy into that trend thoroughly.
Additionally, major trading platforms are slowly initiating interest in a token listing. According to a recent update, Robinhood Europe has included dogwifhat under its supported asset list. While there hasn’t been any official mention on their social media, it is added on their official site. The community is now expecting a listing on the Robinhood US platform, potentially opening $WIF token to further retail access.
Price action
Let us return to $WIF’s current price market structure.
Since February 24, it has undergone an astronomical rally of 243%, reaching a new all-time high of $1.01. One of the unique aspects of WIF price action is that despite being a meme token, the asset has a very ideal market structure.
WIF has consistently made higher highs and higher lows since December without indicating any trend shift or reversal. Now, the asset is witnessing another price discovery period, where we have another reason to believe that WIF will continue to rally over the short term.
This conviction comes down to its beta-play with respect to Solana. In our previous report, we highlighted how a price increase of more than 7% for SOL has historically led to a WIF rally. Currently, SOL is up by 32% for the week and registered a new yearly high.
SOL will likely lead the charge for an altcoin rally if BTC consolidates over the next week. If SOL undergoes another 10-20% spike, we can easily expect another leg-up for WIF.
BONK vs WIF: A meme battle for the throne on Solana?
The market capitalization of meme coins is up 38% over the past 48 hours. The likes of Dogecoin, Shiba Inu, Pepecoin, and BONK have collectively registered bullish price action.
While Dogecoin and Shiba Inu are far ahead in terms of their market cap, we believe that WIF is potentially gunning to topple BONK as the ‘blue-chip’ meme coin on Solana.
When we analysed BONK and WIF side by side, we observed that BONK is currently deviating away from the meme coin tag ever so slightly. The token is trying to inculcate utility with integrations across different categories like DeFi, Gaming, NFTs, etc.
This means it will stop competing with core meme coins, and enter a different category.
When we look at Dogecoin and Shiba Inu, both these tokens lost market momentum after they tried to become utility assets. It was only after DOGE’s ATH, that Tesla payments, and merchandise access through DOGE was available. For Shiba Inu, it was post-October 2021, when the ecosystem announced SHIBverse, SHIBburn and endless products, and services.
They deviated away from being a meme and the market stopped vibing with them.
With WIF, the community continues to understand its identity as a meme, plain and simple. The support stems from the fact that it universally represents the culture of funny content.
In that regard, WIF has an advantage and will potentially outperform BONK in this bull run.
Cryptonary’s take
If you’ve been WIF-ing with us since December, it would be ideal to take out your initial investment now around the $1 mark.While WIF holders continue to rise and the community is as solid as ever, it is important to understand when to take profits. Remember, it is all about becoming profitable when trading with meme coins.
Regardless, WIF is currently in price discovery mode. Historically, when meme assets have taken such a position in a bear market, (i.e. Shiba Inu, Doge), they have continued to ascend and remain parabolic.
Cryptonary will re-evaluate its WIF target going forward since our previous $1 mark has been attained. It will be wise for the market to observe WIF for the next few days, as euphoria, profit-taking, and memes will be circulating on crypto Twitter wif speed.
Stay wiffing; don’t fumble the bag!
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