Solana-based meme coin dogwifhat surged 12% to rank as the market’s biggest gainer today.
At the time of writing, dogwifhat (WIF) was still up 11.5%, trading at $1.58 according to price data from crypto.news. The crypto asset’s daily trading volume was hovering around $598 million while its market cap had reached $1.58 billion. Following the latest price increase, the dog-themed meme coin took the 55th spot among cryptocurrencies by market cap.
WIF’s recent surge is fueled by a recent whale accumulation of Dogwifhat tokens, with one whale acquiring over 9.57 million WIF tokens, worth $13.59 million, in just four days. Another whale used $1.4 million to purchase 643,832 WIF tokens, making him the largest holder with 28.66 million tokens. This trend indicates growing investor confidence in WIF’s potential rebound, even after a 67% decline in value over the past year.
WIF remains the fourth largest memecoin by market capitalization and the first Solana-based memecoin.
Coinglass data reveals that WIF’s total open interest jumped 12.7% over the past day, from $187.97 million to $211.8 million, reflecting increasing trader engagement and anticipation of potential price movements.
Data from the market intelligence platform also shows that WIF aggregate funding rates are currently at -0.0015%, signaling bearish sentiment among traders regarding WIF’s price outlook.
The current price of WIF positions it near the middle Bollinger Band, around $1.58, which often acts as a dynamic support or resistance level. At the same time, the MACD line recently crossed above the signal line, suggesting a possible bullish momentum shift.
If the price holds 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 could face further consolidation or a pullback towards the lower band around $1.25.
Meanwhile, a descending triangle pattern emerged between late July and August, featuring steadily declining highs and a strong support level. This formation usually signals a potential bearish breakout, especially if the price breaks above the established support line.
The recent surge in WIF’s price aligns with a broader surge in the meme coin market, which has increased by 5.7%, reaching a total valuation of $40.6 billion in the last 24 hours. Alongside WIF, other notable meme coins like Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have also seen gains, increasing by 5.7%, 6.6%, and 4.3%, respectively.
Meanwhile, the global cryptocurrency market also saw a 1% gain, bringing its total valuation to $2.16 trillion. Bitcoin (BTC) is also in the green, up 2.1%, trading at $58,895.
