Despite encountering recent market challenges, the memecoin sector has continued its rapid evolution in 2025, with the dogwifhat [WIF] token maintaining its prominent position among the key players.
The performance of WIF provides valuable insights into the dynamics of the broader memecoin ecosystem, where new contenders and established tokens are vying for market supremacy.
WIF’s Command in Memecoin Trading
Recent data from Dune Analytics highlights WIF’s consistent presence among the top trending memecoins in recent times.
The ratio of memecoin trading volume to circulating market cap soared to new levels on January 22nd, with the freshly introduced TRUMP coin seizing 37.43% of the activity, leaving WIF in the second spot at 15.56%.
Subsequent data indicates a decline in TRUMP’s market share to 29.43% while WIF has seen a modest rise to 16.80%.
Figures from CoinGecko indicate that the total market capitalization of memecoins stood at around $109 billion, with dog-themed tokens, including WIF, contributing $71 billion to the tally.
Despite boasting a substantial market cap of $1.2 billion, WIF has witnessed a notable 20% drop over the past week.
Market Pressure Revealed through Technical Analysis
At the time of writing, the WIF/USDT pair was trading at $1.264, showing a 1.17% decline.
The bearish MA cross between the 50-day (2.013) and 200-day (2.210) moving averages, with prices consistently below both indicators, signifies a challenging market environment.
A trading volume of 10.51M WIF indicates significant market activity despite the prevailing downward trend.
With an RSI reading of 31.53 suggesting near oversold conditions, the overall momentum remains bearish, aligning with the reported weekly decline and indicating continued selling pressure.
Sentiment Analysis via Long/Short Ratio
Insights from the Long/Short Ratio shed light on market sentiment. Data reveals a ratio of 0.7721, indicating long positions at 43.57% and shorts dominating at 56.43%.
This distribution confirms the prevailing bearish sentiment, supporting the recent price downturn.
An analysis of historical data from January 21st to 26th shows fluctuations in the Long/Short Ratio, with occasional spikes above 1.10 signaling brief bullish sentiment. However, the long-term trend remains bearish, consistently falling below 1.0.
Combining technical indicators with current trader positions suggests sustained selling pressure despite WIF’s prominent position in the memecoin space, reflecting the volatile nature of memecoin trading and the intense competition for market share within this dynamic cryptocurrency segment.