WIF leads meme coin rally with 12% surge
Release: 2024/09/03 16:04 Reading: 636
Solana-based meme coin Dogwifhat (WIF) has surged 12%, becoming the top gainer in the market today.
At the time of writing, WIF trades at $1.58, with a daily trading volume of approximately $598 million and a market cap of $1.58 billion. This upward trend has propelled it to the 55th position among cryptocurrencies by market capitalization.
The recent increase is attributed to whale accumulation, with one whale purchasing over 9.57 million WIF tokens worth $13.59 million in four days. Another whale acquired 643,832 WIF tokens, making them the largest holder with 28.66 million tokens. This indicates growing investor confidence despite WIF's 67% decline in value over the past year.
WIF remains the fourth-largest memecoin by market cap and the top Solana-based memecoin. Its total open interest on Coinglass has increased by 12.7% to $211.8 million, reflecting increased trader engagement and anticipation of price movements.
However, aggregated funding rates are currently at -0.0015%, indicating some bearish sentiment among traders.
WIF's price is currently near the middle Bollinger Band at $1.58, acting as a potential support or resistance level. The MACD line has crossed above the signal line, suggesting a potential bullish momentum shift.
If the price remains above the middle band, it may move towards the upper Bollinger Band at around $1.90. Failure to hold above this level could lead to further consolidation or a pullback towards the lower band at $1.25.
WIF's surge coincides with a broader uptick in the meme coin market, which has increased by 5.7%. Other notable meme coins like Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have also seen gains.
The global crypto market has also experienced a 1% surge, with Bitcoin (BTC) trading at $58,895, up 2.1%.
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