- WIF soars by 21% on weekly charts.
Dogwifhat’s open interest has increased by 51.5% over the past week.
After closely observing the crypto market over the past few weeks and having witnessed numerous ups and downs, I must say that the recent surge of WIF is quite remarkable. As a researcher who has been tracking memecoins for quite some time now, it’s fascinating to see how WIF has outpaced most of its counterparts in this recovery phase.
Over the last fortnight, the crypto market has shown significant price fluctuations. After the market downturn a week back, most cryptocurrencies are currently rebounding.
In the current resurgence, meme-tokens are dominating the scene, and it’s WIF that’s at the forefront. This Solana-backed meme-token, known as DogWIF, is surpassing its peers in meme-coin market, achieving substantial growth.
Dogwifhat leads the memecoin market
WIF has outpaced most memecoins on weekly charts with substantial gains.
To begin with, Shiba Inu (SHIB) increased by 3.17% during the last week, while Dogecoin (DOGE) saw minimal weekly growth of 3.47%, and Pepe Coin (PEPE) experienced a rise of 5.41%.
Despite a significant rebound in the cryptocurrency market, many meme-based coins have seen impressive gains over both daily and weekly periods. Notably, Dogecoin (WIF) is leading this charge.
As an analyst, I’ve found myself leaning towards the belief that WIF will spearhead the memecoin sector following the recent surge in the market. On my research platform, Platinum Capital has indicated this preference as well.
“Should the current market trend persist and WIF maintain its value around 1.8, we might witness an upward momentum for DOGWIFHAT. It’s possible that WIF could spearhead the next growth phase for this meme coin.”
What price charts suggest
Currently, WIF is being traded at $1.86 following a 21.34% rise in price over the last seven days. Additionally, the value of this memecoin has boosted its market capitalization by 3.17%, reaching approximately $1.8 billion.
Despite a rise in its price, the altcoin’s trading volume dropped by 37.51%, down to approximately $255.5 million within the last 24 hours.
As an analyst, I’ve been examining the Advance Decline Ratio (ADR) of Altcoins, and it stands at approximately 1.15. This means that more altcoins are seeing an increase in value rather than a decrease. In other words, this ratio suggests a predominantly bullish market trend, implying optimism among investors regarding these assets.
Over the last week, the RVGI has seen a rise from -0.4 to -0.12. Despite remaining negative, this increase indicates that the positive trend is picking up speed as the market’s mood changes.
Moreover, it’s worth noting that the Relative Strength Index (RSI) for WIF has climbed from 29.6 to 47.14 during the last seven days. This rise indicates a consistent increase in demand, or buying pressure, for WIF over this period, leading to an upward trend in its prices.
As an analyst, I delved deeper into AMBCrypto’s analysis of Coinglass, and I discovered a significant surge in WIF open interest. Over the course of the last week, this open interest has spiked by approximately 51.1%. To put it in context, the initial value stood at $165m, but it has now grown to an impressive $250m.
This shows that investors are opening more new positions while holding the existing ones.
As an analyst, I’ve observed a significant decrease in WIF liquidation for long positions over the past 48 hours. This trend is further supported by the fact that the liquidation had reached a high of $3.7 million just a week ago, but has now dropped to approximately $71,800.
Realistic or not, here’s WIF’s market cap in BTC’s terms
This shows that long-position holders are willing to pay a premium to hold their positions.
Given the prevailing market circumstances and sentiments, it’s likely that WIF could aim to surpass its next major resistance point at around $2.3. This is particularly true if the daily candlestick ends up closing above $1.89.
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2024-08-11 21:12