Solana-Based Dogecoin Rival: A popular cryptocurrency trader is still optimistic about a Solana (SOL) based alternative to Dogecoin (DOGE) that has seen large increases in value recently.
The trader known as The Flow Horse, who has over 200,000 followers on social media, says that the digital currency dogwifhat (WIF) might increase in value by more than 116%.
I’m still buying WIF when its price drops during the day. I don’t think the price will peak until there’s a big sell-off. Buying at the average price calculated over a week has been a good strategy so far, and I think it will continue to work as long as short-term borrowed investments keep getting cleared out and there’s a strong demand. My goal is to reach at least $0.80 per WIF.
WIF’s price is $0.373 right now, and it has dropped almost 10% in the past day.
He believes that the price of other cryptocurrencies will be greatly affected by what Bitcoin does soon. If Bitcoin’s price goes up a lot, people might sell their other cryptocurrencies to buy Bitcoin because it’s doing well. But if Bitcoin’s price drops a lot, the value of other cryptocurrencies might also go down.
Alternative cryptocurrencies (alts) are in a strange situation. This morning, I noticed some of my investments were losing value, so I sold some of them. If Bitcoin keeps increasing in value, people might sell their underperforming alts to invest in more reliable options. However, if Bitcoin’s value drops significantly, which is common, it could also negatively affect those same alternative cryptocurrencies.
Right now, Bitcoin’s value is $51,996, which is a small drop from yesterday.
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