By Nermeen Nabil Khear TLDR
- Dogwifhat (WIF) experienced a 16% price surge to $1.37, outperforming other memecoins
- The team teased an upcoming Las Vegas Sphere project with a promotional image and date “01.2025”
- Community previously raised $700,000 for displaying WIF on the Sphere
- Technical indicators show RSI bouncing from oversold conditions, with price finding support at $1
- Project faces skepticism after delays, having dropped 75% from its all-time high of $4.88
Dogwifhat (WIF), the memecoin that captured market attention in early 2024, saw its price increase by 16% to $1.37 on Wednesday, marking a notable recovery from recent lows below $1. The surge came after the project team revealed plans for their long-anticipated Las Vegas Sphere display, a community-funded initiative that raised $700,000.
The team shared an image on their official X (formerly Twitter) account featuring their mascot with the Las Vegas Sphere as a hat, accompanied by a Nokia phone displaying “01.2025.” The post included a message stating that “the hat stays on,” with promises to share exact dates once permitted.
viva la vegas pic.twitter.com/TajgFL4ux3
— dogwifcoin (@dogwifcoin) January 28, 2025
This price movement stands out as most other memecoins recorded losses during the same period. The token, which previously reached an all-time high of $4.88 in March 2024, has experienced a challenging market environment, falling 75% from its peak.
The community’s journey with the Las Vegas Sphere project began during WIF’s initial growth phase, when the token saw a 2,000% increase in value. Supporters pooled resources to secure advertising space on the world’s largest LED screen, planning for a week-long display.
Technical analysis of WIF’s market performance shows the token finding support around the psychologically important $1 level. The Relative Strength Index (RSI) has emerged from oversold conditions, currently reading at 37, suggesting easing selling pressure.
The Moving Average Convergence Divergence (MACD) indicator displays signs of convergence, potentially signaling a shift in market momentum. Traders note that a bullish MACD crossover could indicate further upward movement.
Recent price action has brought WIF back above the $1.30 support level, though the token remains down 40% over the past six months. Market analysts, including Altcoin Sherpa, have expressed caution about the sustainability of the current price movement.
The project faced community concerns in July 2024 when Crypto.com displayed Bitcoin’s logo on the Sphere, leading some investors to question the status of their funded initiative. Project organizers maintained their commitment to delivering on the promise throughout this period.
Trading data shows WIF needs to close above the weekly resistance of $1.44 to confirm a stronger recovery trend. The next major resistance level sits at $1.83, according to chart analysis.
The token’s market position has evolved since its early 2024 prominence, when it led the memecoin narrative during Q2. Competition from newer tokens like PNUT and CHILL has impacted WIF’s market share in the memecoin sector.
Crypto trader Bluntz suggests current price levels could represent a bottom for WIF, noting “nice signs of life forming” in lower timeframes. However, he acknowledges the retracement lasted longer than initially predicted.
Market observers note that maintaining the $1 support level remains crucial for WIF’s near-term prospects. A daily close below this threshold could trigger further downside movement toward $0.90.
The community-funded Sphere project represents one of the largest coordinated marketing efforts in the memecoin space. The $700,000 raised demonstrates strong community backing, despite recent market challenges.
The latest team update provides the first concrete timeline indication since the fundraising campaign, though specific display dates remain pending approval from relevant parties.
The post Dogwifhat (WIF) Token Rebounds on Vegas Sphere Project Announcement appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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