In a remarkable turn of events, Dogwifhat (WIF) has seen a substantial rally this September, boasting a 46% increase and positioning itself as a frontrunner in the resurgent memecoin market. As of now, WIF is trading at $2.21, with a 10% rise in the past 24 hours and a market cap exceeding $2 billion—its highest point in seven weeks.

Market Dynamics and Holder Trends

Despite the impressive price growth, the number of WIF holders has only risen by 1.29%, adding 2,322 new accounts in the past week. Currently, the total holder count stands at 182,877, with the top 50 holders controlling approximately 54.84% of the token’s supply. This suggests that the recent price surge may be driven more by futures market activity than by widespread retail adoption.

Dogwifhat 1-day chart. Source: TradingView

The overall memecoin market cap has also climbed, up 6.8% in the last 24 hours and surpassing $51 billion, returning to levels seen before the market downturn in August. While established tokens like Dogecoin and Shiba Inu continue to lead the sector, newer entries like Dogwifhat and Solana-based POPCAT have delivered impressive returns of 52.9% and 24.2%, respectively, over the past month.

Analysts Predict Further Upside

Several analysts are optimistic about Dogwifhat’s future, with targets suggesting potential price points as high as $3. Dentoshi, an independent trader, notes that WIF has completed a significant retracement and is poised for a trend reversal. Recent chart patterns indicate that breaking the $2 resistance could pave the way for WIF to challenge its next target at $2.85-$3.00.

Memecoin rankings by market cap size. Source: CoinGecko

As sentiment grows among traders, the memecoin market appears to be on an upward trajectory, drawing parallels to the explosive rallies of early 2024. With renewed enthusiasm, all eyes are on Dogwifhat as it aims for further gains in the coming weeks.