Solana-based dogwifhat is up 12% and is the top gainer in the market today.
At the time of writing, dogwifhat (WIF) is still up 11.5%, trading at $1.58 per coin according to crypto.news data. The crypto asset’s daily trading volume hovered around $598 million while its market cap rose to $1.58 billion. Following the recent price surge, the dog-themed meme coin is now ranked 55th among cryptocurrencies by market cap.
The recent surge in WIF’s value is driven by whales’ recent accumulation of Dogwifhat tokens, with one whale Acquired over 9.57 million WIF tokensWorth $13.59 million, in just four days. Another whale used $1.4 million to buy 643,832 WIF Codemaking them the largest holders of the coin with 28.66 million tokens. This trend indicates growing investor confidence in the potential recovery of WIF, even after its value dropped by 67% over the past year.
WIF remains the fourth largest memecoin by market cap and the largest Solana-based memecoin.
Data Data from Coinglass revealed that WIF’s total open interest jumped 12.7% in the last day, from $187.97 million to $211.8 million, reflecting increased participation from traders and anticipation of potential price movements.
Data from the market intelligence platform also shows that the aggregate funding rates for WIF are currently at -0.0015%, indicating bearish sentiment among traders regarding WIF price expectations.
The current price of WIF stock is near the middle band of the Bollinger Band indicator, at around $1.58, which often acts as a dynamic support or resistance level. Meanwhile, the MACD line has recently crossed above the signal line, indicating a potential shift in bullish momentum.
If the price holds above the middle band, it may attempt to move towards the upper Bollinger band at around $1.90. However, if the price fails to stay above this middle band, it may face further consolidation or a pullback towards the lower band at around $1.25.
Meanwhile, a descending triangle formed between late July and August, featuring steadily decreasing highs and a strong support level. This formation usually signals a potential downside breakout, especially if the price breaks through the existing support line.
WIF’s recent price surge is in line with the broader cryptocurrency market rally, which has gained 5.7%, reaching a total valuation of $40.6 billion over the past 24 hours. Along with WIF, other notable cryptocurrencies such as Pepe (PEPE), Bonk (BONK), and Brett (BRETT) also saw gains, rising 5.7%, 6.6%, and 4.3%, respectively.
Meanwhile, the global cryptocurrency market also saw a 1% increase, bringing its total value to $2.16 trillion. Bitcoin (BTC) also saw a 2.1% increase, trading at $58,895.