You Won’t Believe What’s Happening to Dogwifhat After Meme Coin Mania 🚨🐕

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Now, folks, let me spin you a yarn about the curious case of Dogwifhat—a coin with more dog in the fight than a Mississippi mule at a Tennessee fair. Lately, this coin’s been skyrocketing faster than my Uncle Floyd when he spots free fried chicken at the county picnic, right alongside the rest of those Solana meme-dogs chasing after fame.

Dogwifhat (mercifully known as WIF, which is at least easier to holler) strutted up to $1.3142 on Tuesday. That’s up 335% since April, or, as we say in the South, “up more than the temperature in July.” This little rascal now sits with a hat full of $1.07 billion in market value. That’s enough to make it the fourth-biggest Solana dog-and-pony show—right behind Official Trump (yes, really), Bonk (which, I presume, is not British slang for what you’re thinking), and, for reasons that defy polite explanation, Fartcoin.

Now, some of the sharp-eyed riverboat gamblers—otherwise known as onchain data trackers—think WIF’s about to take a splash. Why? Seems folks have started shipping tokens off to exchanges faster than ants on a dropped biscuit, a sure sign they’re itching to cash out and head to the saloon.

Tokens on exchanges hopped up by 1.67% to 573.80 million, which is a whole heap more than last week’s 564.35 million. So the supply in exchanges wiggled up to 57.20%. Sometimes when the rabbit runs, everybody grabs their shotgun, and that’s what’s starting to look like here.

No need to just take your pickaxe to my nuggets—according to the smart folks over at Nansen, the ‘smart money’ has been slipping out the back door too. Their WIF bags have shrunk to 23.5 million from over 24 million earlier this year. When smart money leaves, it’s usually time to check your boots for holes—and your wallet for holes, too.

Let’s be honest, smart money doesn’t linger long after the music stops—or after they see more froth than my Aunt Matilda’s lemon meringue pie.

WIF: Is It Moonshine or Just Mooning?

Take a gander at the chart and you’ll see a wilder swing than a barn dance in August. Back in November, Dogwifhat had itself a mighty good time, peaking at $4.80, then tumbling down the hill till it bottomed out at $0.3027. After April, just like a sunrise after a rough night, it’s been crawling back uphill, slipping and sliding, peaking at $1.3115 on Tuesday.

It’s built a rounded bottom—kind of like my, well, let’s just say it’s a bullish sign, even if your tailor doesn’t appreciate it. It’s also scurried above the 50-day moving average, and traders love that more than beer at a fish fry.

But, beware: This critter looks as overbought as a used shovel at gold rush time. The fancy Relative Strength Index is hollering above 80, and them MACD lines are more excited than a possum in a hen house—highest since last April, if you’re counting.

Throw in the old resistance around $1.0815 (last seen in August) and the picture’s clear as a muddy river: while the long-range forecast looks sunny for WIF, don’t be surprised if it takes a breather and dips its toes at $0.6493, the 50% retracement. You know the deal—every now and then, the dog with the fanciest hat still lands in the creek. 🐶👌

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2025-05-14 20:32