Data from CoinMarketCap indicated that the bears were in control of the WIF token price which experienced a significant drop of more than 9% last week. However, there was a notable turnaround in the past 24 hours as the price of WIF surged by over 12%.
Currently, WIF is being traded at $1.59 with a market capitalization exceeding $1.5 billion, positioning it as the 49th largest cryptocurrency in the market.
Encouragingly, the trading volume of this memecoin saw a robust 55% increase alongside its price surge. A rise in trading volume during a price escalation often sets the stage for a bullish rally.
Furthermore, the price surge had a positive impact on the social metrics of the memecoin. Notably, the bullish sentiment around dogwifhat increased as indicated by the rise in Weight Sentiment.
Moreover, the spike in Social Volume reflected a surge in its popularity among investors and traders.
Price Outlook for WIF
An analysis of on-chain data by CryptoCrypto aimed to ascertain if there were signs pointing towards a price surge for dogwifhat. Based on Santiment’s data, WIF’s Funding Rate witnessed a drop.
Typically, prices tend to move inversely to the Funding Rate. Additionally, following a minor decline, WIF’s Open Interest registered an increase, suggesting a high likelihood of the bullish price trend to continue.
Further bullish signals were uncovered through Coinglass’ data. The memecoin’s long/short ratio displayed a rise, indicating a prevalence of long positions over short positions, a signal of bullish sentiment.
The MACD technical indicator indicated a battleground between the bulls and the bears. However, the Chaikin Money Flow (CMF) suggested a potential victory for the bulls as it trended upwards. If the bullish trend persists, investors could witness WIF targeting its initial goal of $1.97.
A successful breakthrough past that level could pave the way for WIF to aim for $2.8. In case of a further surge above that threshold, dogwifhat may set its sights on reaching $3.7 in the near future.
While WIF enjoyed a surge in bullish momentum, other meme coins based on Solana [SOL] didn’t lag behind. For instance, BONK observed a price uptick of more than 5%, currently trading at $0.00001752.
POPCAT, a recent addition to the thriving meme ecosystem on SOL, also experienced a 9% increase in price, with its current trading value at $0.5981.