Dogwifhat Token Witnessed a 53% Surge in Value over the Last Month: Can it Hit $3.5 in the Near Future?
Following a month-long surge, the value of dogwifhat [WIF] has seen a significant drop in the past week. As of the latest data, WIF was being traded at $2.64, indicating a 5.53% decrease in the weekly trading charts.
Prior to this decline, dogwifhat had been on a steep upward trend, with a remarkable increase of 53.72% in the monthly charts.
Despite the recent dip in weekly charts, the last 24 hours have shown some promising signs, particularly in terms of trading activity. In fact, there has been a 79.29% surge in WIF’s trading volume, reaching $402.14 million.
Given these current market dynamics, there are growing speculations about the future direction of this memecoin.
Market Sentiment and Analysis for WIF
An analysis conducted by CryptoCrypto indicates that dogwifhat currently enjoys a positive and strong market sentiment.
Further, data from Market Prophit reveals that WIF’s crowd sentiment sits at a positive 0.1263, with a Buzz Score of 1.098. Additionally, the memecoin exhibits positive crowd Z score sentiment and Market Prophit Z score sentiment.
Despite the recent setbacks, the majority of investors maintain optimism and are hopeful for a price increase in the short term.
Assessing WIF’s Market Performance
The current market conditions suggest a favorable environment for WIF, potentially leading to further price gains for this memecoin.
For instance, data from dogwifhat’s Binance perpetual futures indicates a predominant presence of long positions among investors, with 86.35% of accounts being long and 13.65% short.
Such a scenario highlights a strong inclination towards long positions in the perpetual futures market, signifying investor confidence in the asset.
Moreover, the positive OI-Weighted Funding Rate further bolsters the demand for long positions.
Consistently positive over the last three weeks, this rate implies that long position holders are compensating shorts to maintain their trades.
This market behavior indicates a bullish sentiment among most investors who anticipate further price hikes in the coming period.