Dogwifhat leads the market with 13% gain — What’s driving WIF price?
Release: 2024/08/08 07:34 Reading: 525
WIF Memecoin Surges 13% Amid Solana Sector Rebound
Dogwifhat (WIF), a Solana-based memecoin, has witnessed a significant 13% surge in a single day, peaking at $1.77 on August 6th. This recovery comes after a 63% decline from its $2.89 high two weeks prior.
Data from Cointelegraph Markets Pro and TradingView indicates that WIF surged from a low of $1.07 on August 7th to an intraday high of $1.77 on August 6th, a 66% increase.
Wider Market Context
The overall memecoin market capitalization has increased by 5.3%, despite most major cryptocurrencies in this sector posting losses on August 7th, as per CoinMarketCap data.
Analyst Insights
According to Solana news source SolanaFloor, WIF has emerged as the top gainer among the top 100 coins by market cap. Pseudonymous analyst Kyledoops also identified WIF as a top altcoin within the Solana ecosystem, despite its ongoing recovery challenges.
Technical Analysis
The WIF/USD daily chart shows a V-shaped recovery pattern. The bulls have regained control, indicated by two green engulfing candlesticks on the daily chart. The $1.50 mark serves as immediate support for the memecoin.
Increased buying pressure could result in a rise to resistance levels at the 50-day and 100-day exponential moving averages (EMAs) at $2.13 and $2.34, respectively. Further gains could potentially reach the neckline of the prevailing chart pattern at $2.90, representing an 80% increase from the current price.
Perpetual Futures Funding
The demand for leveraged long positions in WIF has intensified, as reflected by the positive perpetual futures funding rate. This suggests increased optimism among buyers. However, the current 0.0066% eight-hour rate is relatively low and not a significant cost for traders.
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