According to data from CoinMarketCap, dogwifhat’s [WIF] price was under the control of bears last week, leading to a decline of more than 9%. However, in the past 24 hours, there has been a significant turnaround with dogwifhat’s price surging over 12%.
As of the time of this writing, WIF is being traded at $1.59, boasting a market capitalization exceeding $1.5 billion, positioning it as the 49th largest cryptocurrency.
The positive development lies in the fact that the trading volume of this memecoin escalated by 55% alongside the price surge, which typically lays the groundwork for a bullish market trend.
Moreover, the rise in price also had a favorable impact on the social metrics of the memecoin. This was evident in the increase of the Weight Sentiment, signifying a surge in bullish sentiment surrounding dogwifhat.
Furthermore, there was a significant spike in Social Volume, indicating a surge in its overall popularity.
Price Forecast for WIF
Subsequently, CryptoCrypto delved into dogwifhat’s on-chain data to determine if the metrics indicated a potential price surge. Our analysis of Santiment’s data points to a drop in WIF’s Funding Rate.
Typically, prices tend to move inversely to the Funding Rate. Additionally, following a minor decline, WIF’s Open Interest rose, suggesting a high likelihood for the bullish price trend to persist.
Data from Coinglass revealed another bullish signal. The memecoin’s long/short ratio witnessed an increase, signaling a greater number of long positions compared to short positions – a bullish sign.
The technical indicator MACD indicated a battle between the bulls and bears, while the Chaikin Money Flow (CMF) hinted at possible success for the bulls as the graph moved upward. If the bullish momentum continues, investors may see WIF target the initial level of $1.97.
A breakthrough beyond that level could pave the way for WIF to reclaim $2.8, and a further surge might lead dogwifhat to target $3.7 in the near future.
While WIF gained momentum, other memecoins based on Solana [SOL] were also making noteworthy progress. For example, BONK experienced a price increase of more than 5%, currently trading at $0.00001752.
POPCAT, a recent addition to SOL’s thriving meme ecosystem, saw a price surge of 9%, with its current trading value standing at $0.5981.