A renowned economist predicts that a popular memecoin based on Solana (SOL) may experience a significant breakout in the near future. Henrik Zeberg, who has a following of 166,100 on the social media platform X, believes that dogwifhat (WIF) could potentially increase by more than 337% from its current value.

The analyst relies on the Elliott Wave Theory to forecast a major surge for WIF. According to this theory, assets tend to undergo a five-wave rally, with the third wave being the longest and strongest upward movement.

“Get ready for an even bigger move. It appears that WIF has completed its second wave and is now preparing for a massive move. The next level could be reached in a few weeks, around $12-$13!”

In September, the analyst suggested that WIF could soar to as high as $79.26 during this cycle after breaking through a significant level. Based on Elliott Wave principles, the completion of an ABCDE triangle, which indicates consolidation in an upward trending market, could trigger a powerful rally.

“WIF: Are you onboard? It is breaking out of a long ABCDE-consolidation. The potential is incredible.”

At the time of writing, WIF is trading at $2.97, marking an 11.1% decrease in the past 24 hours. The memecoin has a market capitalization of $2.9 billion, making it the 52nd largest cryptocurrency project.

Furthermore, the analyst suggests that the current crypto bull market may end sooner than many anticipate.

“I advised you to relax and take it easy! Now enjoy! Stay away from ‘analysts’ who believe in a multi-year run. It is a bubble, and it will only last for a limited amount of time before crashing!”

He also predicts a growth of over 171% in the entire crypto market capitalization.

“New all-time high for crypto market capitalization! Are you ready for a $9 trillion crypto market?”

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