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Solana-based meme coin dogwifhat has jumped 12% and has ranked as the top gainer in the market today.
At the time of writing, dogwifhat ($WIF) was still up 11.5%, trading at $1.58 per price data from crypto.news. The crypto asset’s daily trading volume was hovering around $598 million while its market cap had risen to $1.58 billion. Following the latest price increase, the dog-themed meme coin has taken 55th place among the cryptocurrencies by market cap.
$WIF leads meme coin rally with 12% surge - 1"> $WIF’s recent surge is fueled by the recent whale accumulation of Dogwifhat tokens, with one whale acquiring over 9.57 million $WIF tokens, worth $13.59 million, within just four days. Another whale used 1.4 million USDC to purchase 643,832 $WIF tokens, making them the largest holder with 28.66 million tokens. Thie trend indicates growing investor confidence in $WIF’s potential rebound, even after a 67% drop in value over the past year.
$WIF remains the fourth-largest memecoin by market capitalization and the top Solana-based memecoin.
Data from Coinglass reveals that $WIF’s total open interest jumped by 12.7% in the last day, increasing from $187.97 million to $211.8 million, reflecting growing trader engagement and anticipation of potential price movements.
Data from the market intelligence platform also shows that $WIF’s aggregated funding rates are currently at -0.0015%, signalling a bearish sentiment among traders regarding $WIF’s price outlook.
$WIF’s current price positions it near the middle Bollinger Band, around $1.58, which often acts as a dynamic support or resistance level. Meanwhile, the MACD line has recently crossed above the signal line, suggesting a possible bullish momentum shift.
If the price is sustained above the middle band, it could attempt to move towards the upper Bollinger Band at around $1.90. However, if the price fails to hold above this middle band, it may face further consolidation or a pullback toward the lower band around $1.25.
Meanwhile, a descending triangle emerged between late July and August, characterized by steadily declining highs and a firm support level. This formation typically hints at a potential bearish breakout, especially if the price breaches the established support line.
$WIF’s recent price surge aligns with a broader uptick in the meme coin market, which has increased by 5.7%, reaching a total valuation of $ 40.6 billion over the past 24 hours. Alongside $WIF, other notable meme coins like Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have also seen gains, rising by 5.7%, 6.6%, and 4.3%, respectively.
Meanwhile, the global crypto market has also experienced a 1% surge, bringing it to a total valuation of $2.16 trillion. Bitcoin (BTC) is also in the green, up 2.1%, and it is exchanging hands at $58,895.