Solana-based meme coin dogwifhat has jumped 12% and has ranked as the highest gainer available in the market as we speak.
On the time of writing, dogwifhat (WIF) was nonetheless up 11.5%, buying and selling at $1.58 per value information from crypto.information. The crypto asset’s every day buying and selling quantity was hovering round $598 million whereas its market cap had risen to $1.58 billion. Following the newest value improve, the dog-themed meme coin has taken fifty fifth place among the many cryptocurrencies by market cap.
WIF’s latest surge is fueled by the latest whale accumulation of Dogwifhat tokens, with one whale buying over 9.57 million WIF tokens, price $13.59 million, inside simply 4 days. One other whale used 1.4 million USDC to buy 643,832 WIF tokens, making them the biggest holder with 28.66 million tokens. Thie pattern signifies rising investor confidence in WIF’s potential rebound, even after a 67% drop in worth over the previous yr.
WIF stays the fourth-largest memecoin by market capitalization and the highest Solana-based memecoin.
Knowledge from Coinglass reveals that WIF’s complete open curiosity jumped by 12.7% within the final day, rising from $187.97 million to $211.8 million, reflecting rising dealer engagement and anticipation of potential value actions.
Knowledge from the market intelligence platform additionally exhibits that WIF’s aggregated funding charges are at present at -0.0015%, signalling a bearish sentiment amongst merchants concerning WIF’s value outlook.
WIF’s present value positions it close to the center Bollinger Band, round $1.58, which regularly acts as a dynamic help or resistance degree. In the meantime, the MACD line has lately crossed above the sign line, suggesting a potential bullish momentum shift.
If the worth is sustained above the center band, it may try to maneuver in the direction of the higher Bollinger Band at round $1.90. Nonetheless, if the worth fails to carry above this center band, it might face additional consolidation or a pullback towards the decrease band round $1.25.
In the meantime, a descending triangle emerged between late July and August, characterised by steadily declining highs and a agency help degree. This formation sometimes hints at a possible bearish breakout, particularly if the worth breaches the established help line.
WIF’s latest value surge aligns with a broader uptick within the meme coin market, which has elevated by 5.7%, reaching a complete valuation of $ 40.6 billion over the previous 24 hours. Alongside WIF, different notable meme cash like Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have additionally seen good points, rising by 5.7%, 6.6%, and 4.3%, respectively.
In the meantime, the worldwide crypto market has additionally skilled a 1% surge, bringing it to a complete valuation of $2.16 trillion. Bitcoin (BTC) can also be within the inexperienced, up 2.1%, and it’s exchanging palms at $58,895.
