Analyst is wildly bullish on Solana-based memecoin

Pseudonymous analyst The Flow Horse is bullish on Solana-based memecoin dogwifhat (WIF). According to the analyst, the coin is one of the fastest horses in the memecoin sector and he believes WIF will remain relatively strong until the end of the bull market.

Re-buying $WIF

Saying you are no longer bullish the strongest memes is saying that you think the lineup of market participants has rotated out and/or their preferences have all changed.

Very unlikely, more likely is that it just persists until the end of the cycle.

— HORSE (@TheFlowHorse) June 30, 2024

Horse buys WIF

“I have started buying WIF again. Saying that you are no longer bullish on the strongest memecoins is like saying that market participants have completely changed their minds.

That is very unlikely. More likely, these trends will simply continue until the end of the cycle,” according to The Flow Horse.

Unfortunately there definitely is a ton lf dilution, since creating a meme now has zero friction.

Capital still picks a favorite. https://t.co/L7e10BvFfH

— HORSE (@TheFlowHorse) June 30, 2024

While we saw many new memecoins this year, Horse believes traders will always have a few favorites.

At the time of writing, the WIF price clocks in at $2.25 and has shown a 20.70% increase over the past week. This gives WIF a market cap of $2.2 billion.

Short squeeze coming

As for the overall market, Horse also seems to be bullish. He thinks that the bears could be in trouble, because Bitcoin is starting to rise again and some altcoins are suddenly doing well again.

A short squeeze occurs when traders borrow an asset at certain prices and then immediately sell it in the hope of buying it back cheaper later.

This is a problem if the Bitcoin price suddenly rises dramatically and they then have to return the borrowed Bitcoin to the party from whom they borrowed it.

Then they have to buy back Bitcoin en masse at the moment when the price is already rising and you get a short squeeze.

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