Dogwifhat (WIF) has been on a wild journey this week. As of Tuesday night, its worth surged by practically 10%, nevertheless, the canine-inspired cryptocurrency couldn’t maintain the momentum and by Wednesday, it misplaced 14% of its worth.

Dogwifhat’s Aggressive Rise And Sudden Dip

The rollercoaster journey started with a bang. Dogwifhat, a newcomer to the meme coin scene constructed on the Solana blockchain, shortly drew investor curiosity. Its lighthearted title and affiliation with the ever-popular canine meme pattern fueled a shopping for frenzy, pushing its worth up by double digits. This bullish sentiment echoed a wider pattern within the meme coin market, which noticed a 1.5% enhance over the previous week.

WIF’s worth has risen by 90% in the course of the previous month, including an unlimited $0.32 on common to its current price ticket. This fast rise signifies that if the coin retains rising, it has the potential to develop into a dependable asset.

WIF worth motion within the final month. Supply: CoinMarketCap

On March 29, Dogwifhat surpassed Pepe (PEPE) to develop into the third-largest memecoin by market capitalization, in line with CoinMarketCap knowledge.

Nevertheless, the euphoria surrounding Dogwifhat proved short-lived. The broader Solana meme coin class, which incorporates WIF, witnessed a steeper decline in comparison with the general meme coin market. This implies components particular to Solana meme cash, probably community congestion or considerations in regards to the platform’s scalability, is perhaps contributing to the value drop.

WIF market cap at the moment at $3.Three billion. Chart: TradingView.com

Dogwifhat’s Future: A Lofty Prediction, However Is It Real looking?

Regardless of the latest dip, some analysts stay optimistic about Dogwifhat’s future. Changelly, a number one on-chain metrics and worth prediction agency, has launched a forecast that has set tongues wagging. Their prediction? Dogwifhat might attain a staggering $17 within the close to future, representing a possible surge of a whopping 300% from its present worth.

This rosy image, nevertheless, comes with a hearty dose of warning. The cryptocurrency market is infamous for its volatility. Meme cash, particularly, are identified for his or her meme-driven worth fluctuations, usually missing the underlying utility or sturdy fundamentals present in established cryptocurrencies. Whereas the potential for enormous returns in meme cash exists, so too does the danger of serious losses.

On Bugs And Challenge Postponements

In the meantime, as further tasks and prospects have joined its ecosystem over the previous month, Solana has skilled community congestion.

Anatoly Yakovenko, the co-founder of Solana, talked in regards to the difficulties of “coping with congestion bugs” on Twitter final Thursday. On account of the congestion issues, a number of cryptocurrency tasks have postponed token launches up to now few days.

solana’s present problem is just not a design flaw, it’s an implementation bug

it’s now hitting me that some of us may not perceive what we’ve been making an attempt to say by this for the previous week

I’ll simplify it (supposed for non-technical folks)

you will need to make this… pic.twitter.com/fNZzu9f90S

— mert | helius.dev (@0xMert_) April 8, 2024

Reportedly, builders of Solana have scheduled the deployment of a patch for a “implementation downside” that has prompted the community’s transaction failure charges to skyrocket on April 15.

Based on Helius Labs CEO Mert Mumtaz, the present downside with the community is just not a “design flaw,” however the “implementation bug.”

Featured picture from Bybit, chart from TradingView