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Jakarta, Pintu News – The cryptocurrency market is often unpredictable, and Dogwifhat (WIF) is the latest example of this phenomenon. After experiencing a drastic drop of 95%, all the way down to $0.20 from its peak of $4.80, the coin has suddenly bounced back. In the space of a week, WIF has surged by 62.83% and it doesn’t look like the bull run is over yet.
Dogwifhat (WIF) has recently shown a surprising recovery. After a free fall, the coin managed to bounce back with a significant increase. This has attracted the attention of thousands of new investors, with around 3,000 new wallets registered since bottoming out.
This rise not only attracted the attention of new investors but also restored the confidence of existing holders. The heating up RSI indicator and unrealized gains of 50%+ show that the market sentiment is still very bullish. This indicates that Dogwifhat (WIF) may continue to rise.
Read More: Crypto Price Surge: What’s Driving Today’s Increase?
Psychological factors played an important role in the Dogwifhat (WIF) rally. The SOPR (Spent Output Profit Ratio) jumping above 1 indicates that many holders who were previously losing money are now starting to make profits. This triggered the FOMO (Fear of Missing Out) effect, where new investors tried not to miss out on the momentum.
When investors see rapid price increases, they tend to jump on the bandwagon, while existing holders try not to sell too quickly. This creates a buying cycle that can push prices higher. Currently, there are no signs of massive selling from short-term or long-term holders.
From its current position, Dogwifhat (WIF) needs a gain of more than 60% to reach $1. Although SOPR shows favorable conditions, many holders are still at a loss, with only 15% of addresses currently profitable.
In addition, futures open interest has increased by $44 million, signaling that many investors are starting to enter the market. With all these factors, Dogwifhat (WIF) has all the necessary ingredients for a big FOMO rally, where the biggest fear is not selling, but missing out on momentum.
With the support of a strong macro backdrop and the rising prices of other memecoins such as Turbo (TURBO), which has risen 135% this week, Dogwifhat (WIF) has great potential to reach $1. While there is a possibility of a price drop if market sentiment changes, with strong support from the bulls, any price drop is likely to be quickly bought back.
Read More: Aave Breaks $150 Resistance, What’s Next?
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
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Can Dogwifhat (WIF) Reach $1? FOMO is the main trigger! – Pintu
