Bitcoin News Today: WIF Price Surges 9% After Viral NFT Auction and Meme Coin Resurgence

Dogwifhat (WIF) has experienced a significant price surge, rising more than 9% in a single day, with trading volume increasing by over 60% [1]. The upward movement is linked to renewed interest in meme coins and a viral NFT auction involving the iconic pink knitted hat worn by Achi, the Shiba Inu central to the WIF meme. The hat was sold for 6.8 BTC (~$793,000) on August 7 on the Bitcoin Ordinals marketplace Ord City [1].

The buyer, Finn, founder of the Solana launchpad Bags, has pledged to return the hat to the community, sparking speculation about potential future developments such as new merchandise drops or integrations with the Bags platform [1]. This event led to a 700% increase in the price of the "BUY THE HAT" token, which is closely associated with the WIF ecosystem, and further fueled demand for WIF [1].

The broader meme coin market is showing signs of a resurgence, with the Altcoin Season Index climbing nearly 38% in the past month [1]. WIF has appeared on several “top meme coins to watch” lists, highlighting its growing appeal among retail investors. Trading volume reached $473 million, aligning with the performance of other meme coins like PEPE and BONK [1]. At the same time, Bitcoin dominance has dropped by 4.2% over the last 30 days, signaling a shift in market attention toward high-volatility altcoins [1].

Technically, the WIF price has broken out of a consolidation phase, marked by strong bullish candlestick patterns and a move above key resistance levels [1]. Open interest is rising, indicating that traders are entering new long positions rather than covering shorts. Net-long positions are expanding, while net-shorts are contracting, pointing to a short-term bullish bias. Volume is also increasing in line with the price movement, supporting the strength of the rally [1].

Immediate resistance for WIF is in the $3.20–$3.25 range, with support around $2.85. If the price holds above $2.85 during pullbacks, the bullish trend is expected to remain intact. However, if the price falls below $2.80, a consolidation phase between $2.50–$2.60 could occur [1].

According to the analysis, WIF is projected to move toward $3.40–$3.50 in the near term [1]. A temporary dip to $2.85 is considered likely, but with sustained volume and growing net-long positions, the price could reach as high as $3.70. The analysis emphasizes that while WIF has the momentum for further gains, meme coin trading is inherently volatile and unpredictable [1].

Source: [1] Dogwifhat (WIF) Price Surges After Viral NFT Auction – GPT Predicts What’s Next (https://captainaltcoin.com/dogwifhat-wif-price-surges-after-viral-nft-auction-gpt-predicts-whats-next/)