DogWifHat ($WIF) Rallies 25% as Meme Coin Market Rebounds to $53.95 Billion

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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Last updated: 

April 22, 2025

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The meme coin market is experiencing a strong comeback, with total market capitalization climbing 12.63% over the last 24 hours to reach $53.95 billion.

DogWifHat ($WIF) is leading this resurgence, having surged over 25% in the same timeframe.

$WIF Plummeted Post-Coinbase High But Is Now Climbing Back

Launched in November 2023, DogWifHat ($WIF) built its identity around meme culture, featuring a Shiba Inu wearing a pink knitted hat.

It held the position of the third-largest meme coin by market cap, behind Dogecoin and Shiba Inu, for much of 2024.

Despite its meteoric rise, $WIF has since fallen 88.49% from its all-time high of $4.85, reached shortly after a Coinbase listing in December. It now ranks eighth among meme coins by market cap.

This decline was part of a broader sector-wide crash in early February 2025, which saw tokens like $PEPE, $BONK, $SHIB, and even $FARTCOIN lose over 40% of their value.

Analysts attributed the downturn to post-hype fatigue, profit-taking, and broader market liquidation, including the fallout from the Trump meme coin crash in January, which drained billions in liquidity.

$WIF Influencers Under Fire Despite Volume and Open Interest Spike

DogWifHat ($WIF) also faced criticism after prominent X (formerly Twitter) influencer Ansem, a well-known Solana and $WIF bull, predicted a $10 price target by Christmas 2024, even suggesting a speculative peak of $100.

As of November 2024, the memecoin traded at around $2.75–$3.

Contrary to Ansem’s prediction, $WIF nosedived to a low of $0.245 in Q1 2025, only beginning to recover in April.

Still, the community continues showing interest, with renewed activity from spot and derivative traders.

According to CoinGlass, $WIF’s 24-hour trading volume has surged by 85.38%, now exceeding $1 billion.

Meanwhile, open interest has jumped by 30%, indicating a fresh wave of derivative speculation and positioning.

Technical Setup: $WIF Bullish Breakout Validates Elliott Wave Structure

In the 4-hour timeframe, $WIF/$USDT has broken out of a corrective structure, forming a textbook 5-wave Elliott pattern, a classic indication of buyer dominance.

The Wave (5) completed an impulsive structure around the $0.50 level, after which the price dipped slightly before being met with strong buying pressure.

$WIF 4H chart shows a 5-wave Elliott pattern/ Source: TradingView

This resulted in a bullish engulfing pattern, a strong reversal supported by high volume, implying that market participants are confident in continuing the uptrend.

From a structural standpoint, the previous corrective wave (labeled as (2)) has now clearly acted as a launchpad, supporting the ongoing bullish breakout.

The RSI Divergence Indicator (14) is currently at 83.24, placing the market in an overbought zone, typically a precursor to a short-term consolidation.

Interestingly, a previous bearish divergence pattern was invalidated as the price powered higher, reinforcing bullish momentum.

The next major resistance lies at $0.57, and if broken with volume, $WIF could test the psychological barrier at $0.60 and could extend toward $0.8

On the downside, $0.50 and $0.45 are key support zones, coinciding with recent consolidation ranges that could provide potential re-entry points.