thenewscrypto.com
- Dogwifhat (WIF) reclaimed a market cap above $3 billion after a 2-day slump.
- A significant whale activity has been spotted on the radar during the price surge.
There’s a slight relief in the market as Bitcoin (BTC) rebounds above $62,800 and Ethereum (ETH) attempts to find a firm foothold above $3,000. Among the top 5 gainers of the day, Solana-based viral memecoin Dogwifhat (WIF) boasts its double-digit price surge.
In the last 24-hour trading window, WIF surged over 12.3% to reach $3.22. At the time of writing, WIF stood with a market capitalization of $3.22 billion. Amid this rise, the memecoin’s daily trading volume increased over 24.68% to $467.6 million.
Blockchain data tracker lookonchain detected an anonymous whale activity tied to WIF. In the last 12 hours, the whale purchased nearly 1.4 million WIF tokens — worth $4.18 million at the time of purchase. Currently, these tokens held are in a profit of 7.7%.
A whale spent 4.2M $USDC to buy 1.4M $WIF at $2.99 5 hours ago.
— Lookonchain (@lookonchain) May 10, 2024
This whale was an early trader of $WIF and made a total profit of more than $8M on $WIF.https://t.co/UWIt3TBsVQ pic.twitter.com/KYAsIZJ7AG
Will Dogwifhat (WIF) Pump Further or Dump?
The daily price chart shows WIF’s relative strength index (RSI) hovering within the neutral territory — neither oversold nor overbought condition. Meanwhile, another indicator, Chaikin Money Flow (CMF), displays a gradual decline below zero, suggesting decreased capital flow into the asset. This is further supported by the decline in trading volume over the past two days.
As per TheNewsCrypto’s analysis, WIF’s current price momentum laid down a cup and handle pattern. This formation generally displays a consolidation phase and a breakout is expected to follow. If a bullish breakout occurs, dogwifhat might surpass its resistance, $3.5757. In case the bearish momentum creeps in, WIF may fall to $2.8.
The top 10 gainers’ list also featured another Solana memecoin BOOK OF MEME (BOME). According to CoinMarketCap data, BOME surged over 10.5% in the last 24 hours to trade at $0.01184.