The cryptocurrency market is experiencing one of its most significant rallies in recent times. Dogwifhat (WIF) is following…

The cryptocurrency market is experiencing one of its most significant rallies in recent times. Dogwifhat (WIF) is following the latest market trend. The asset is among the best-performing cryptocurrencies right now. WIF’s price has risen 35.5% in the last 24 hours, 126.4% in the weekly charts, 86.9% in the 14-day charts, and 190.9% over the previous month. Despite the explosive rally, the memecoin’s price is still down 59.4% since May 2024. The asset could be on its way to breach the $2 mark next.

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Cryptocurrencies Experience Market-Wide Surge

Dogwifhat (WIF) is not the only crypto experiencing a surge today. The entire market has seen an upswing over the last few days. Bitcoin (BTC) is leading the market with its recent climb to $104,000. The original crypto is currently testing the $105,000 mark. There is a high probability that BTC will hit a new all-time high soon.

WIF and the larger market rally could be due to various bullish factors. There has been a surge in institutional investments in the crypto space. BlackRock alone has purchased billions of dollars worth of BTC over the last few days.

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The world’s largest asset manager will also participate in a crypto roundtable with the SEC. The move may have led to a boost in investor confidence.

Will Dogwifhat Hit $2 Next?

WIF’s price has to rally by 63.93% to hit the $2 mark. The asset hit an all-time high of $4.83 in March of last year. The memecoin’s price has fallen by 75.3% since its 2024 peak.

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According to CoinCodex, WIF will continue to rally over the coming days. The platform anticipates the memecoin to breach the $2 mark on May 26. CoinCodex further predicts WIF to trade at $4.17 on June 9.