Dogwifhat Soars to New Monthly High
18 Jul, 2024 ● Coin news
Solana memecoin Dogwifhat (WIF) has re-entered the top 50 cryptocurrencies by market capitalization, showing a 41.44% increase over the past week.
Data from TradingView shows WIF trading at $2.33, up 10% in the last 24 hours.
In contrast, the overall memecoin market capitalization has decreased by 5.3%, with most leading cryptocurrencies in this category experiencing losses on July 18, according to CoinGecko.
“Dogwifhat is back to the top 50 coins, sitting on a $2.4B cap with just another 2x from hitting a new ATH,” stated independent analyst Eldorado OPM in a July 17 post, and projected:
“$WIF is a $40B cap project, which means it still got more energy to grow above current price.”
Dogwifhat remains the fourth largest memecoin by market capitalization, positioned below Pepe, which has nearly twice the market cap of Dogwifhat at $4.87 billion.
Meanwhile, pseudonymous analyst Altcoin Sharper noted WIF’s price at $2.36 and commented that if WIF surpasses $2.50, it would “go back within the trading range between 2.40-$3.00.”
The price surge has led futures traders to hesitate in betting on Dogwifhat’s short-term direction.
Open Interest (OI) — the total value of all outstanding or unsettled WIF futures contracts across exchanges — has dropped 4.1% from $296.67 million to $284.32 million over the last 48 hours, according to CoinGlass.
If the memecoin corrects by about 3% to $2.235, approximately $7.87 million in long positions will be liquidated.
Meanwhile, sentiment around memecoins remains positive in 2024, with this asset class being one of the top narratives in 2024, as noted in a recent CoinGecko report.
Memecoins have also become a significant trend in the crypto industry in 2024, showing the highest returns of 1,312% on average among the top tokens by market capitalization.
Sources:
https://cointelegraph.com/news/dogwifhat-wif-hits-new-monthly-high-after-40-price-rally
https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE
https://www.tradingview.com/x/hhjwwNGC/
https://x.com/EldoradoNode/status/1813868284128948694
https://x.com/AltcoinSherpa/status/1813885713391272386
