Solana-based meme coin Dog hat WiseFi Inc. (WIF) has seen a significant increase in price and market cap over the past two weeks, recording a 68% increase in value during this period. WIF hit $2.81 on Monday, marking its highest monthly valuation.
The token’s market cap has also seen significant growth, nearly doubling in just one month from $1.5 billion to its current market cap of $2.8 billion. However, experts anticipate further growth in WIF’s market cap, potentially resulting in the token surpassing its previous all-time highs (ATHs).
Optimistic forecasts for WIF
After reaching an ATH of $4.83 on March 31, WIF went through a sharp correction that lasted almost 4 months, falling more than 50% after reaching a minimum of the year from $1.48 in June. However, crypto analyst CryptoSmith says a move above the ATH is only a matter of time.
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In a recent publish On X (formerly Twitter), CryptoSmith has predicted a significant upward movement for WIF in the coming months if the current bullish trend persists, predicting that before the end of the year, specifically between October and November, WIF will reach a market cap of $6 billion. CryptoSmith further states: “$WIF will take this “meme coin super cycle” to Valhalla.”
Looking at the token’s market cap of $2.8 billion and its total supply of 998,926 WIF tokens, a value of $6 billion market value predicted by CryptoSmith could send the token to new highs above the $6 mark.
This would be a new milestone for the dog-themed meme coin, with the potential for it to surpass the 20th largest cryptocurrency by market cap, UNI, which has a market valuation of $5.9 billion at the time of writing.
Potential for price increase from $28 to $56
Supporting the bullish outlook, market expert “Eguin” on X highlights is the case for holding WIF and considers it a major player in the crypto space, with a market cap surpassing coins such as Hedera’s HBAR, ATOM, VET and Optimism’s OP token.
Furthermore, the expert believes that three key factors contributing to the WIF’s importance are its greater stability, increased liquidity through multiple exchange listings and a “well-established” mindset that acts as an autonomous marketing force. Enguin further stated:
Also as the new meme CTO of The People’s Chain (Solana), there is a strong narrative that it has become the #1 dog coin for a new era of crypto users. I’m not wedded to that idea, but when you consider it a real possibility, 10-20x from here is possible.
According to the expert’s analysis, a potential 10x increase would take the token to a staggering valuation of $28 per token, while a 20x price increase could take the WIF price to $56. “Depending on how crazy things get, it could go even higher,” Enguin stated.
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Interestingly, Enguin also predicts a notable growth in market capitalization, similar to CryptoSmith’s projection, believing that the meme coin has “one of the best chances” of reaching the top 10 cryptocurrencies by market cap, which would mean growth above the $17 billion mark, similar to Toncoin’s (TON) valuation at the time of writing.
Featured image of DALL-E, chart from TradingView.com