Dogwifhat rises to $1? Why FOMO becomes a major trigger for WIF

At one point dogwifhat [WIF] looked like it was headed for a Mantra [OM]-like disaster, plummeting 95% from a high of $4.80 to $0.20. But just when it looked like it was doomed, the bulls showed up.

In just one week, WIF has rebounded 62.83%, and the wave may not be over yet—some 3,000 new wallets have poured in since the bottom.

Sure, the RSI is heating up, and there’s over 50% unrealized profits floating around, but the sentiment remains bullish. If anything, the $1 target may be closer than anyone dared to expect just a few days ago.

Unexpected rebounds are no longer surprising

WIF’s SOPR (used output profit ratio) just broke 1—a bright sign if history is any guide. Those stuck holders? They’re finally back in profit.

Psychology is crucial here. When greed strikes, new money chases the upside, while old shareholders resist the urge to cash out too early. WIF’s current layout seems to be following this classic strategy.

New addresses are pouring in at a rapid pace, and so far, there has been no panic from both short-term and long-term holders. In other words: there are no signs of large-scale profit-taking yet.

This is crazy for a memecoin, where “pump and dump” cycles are usually the norm. Does this mean WIF is an exception? Will we see a FOMO-driven rally that will eventually reach $1?

$1 WIF: Closer than you think?

As it stands, WIF needs to increase its funding by more than 60% to reclaim $1. Yes, SOPR is flashing green - but most holders are still losing money, with only 15% of addresses currently in profit.

Meanwhile, futures open interest surged by $44 million, which means the crowd is pouring in quickly.

Bottom line? WIF has all the ingredients for a full-blown FOMO rally, and the real worry isn’t selling off, but missing out.

To make matters worse, the macro environment is also strong. WIF isn’t alone — other memecoins, like TURBO, have also been soaring, up 135% this week.

Of course, if the mood in crypto turns sour, WIF could fall quickly.

But judging by how aggressive bulls are right now, any pullback is likely to be completely swallowed up — so the shiny $1 target is still within easy reach.