Solana-based memecoin Dogwifhat (WIF) has made a significant comeback, re-entering the top 50 cryptocurrencies following a 49.8% increase over the past week.
Solana-based memecoin Dogwifhat (WIF) has made a significant comeback, re-entering the top 50 cryptocurrencies following a 49.8% increase over the past week. WIF is currently trading at $2.41, marking a 6.4% rise in the past 24 hours. This performance stands out against the broader memecoin market, which saw a 3.26% decline in total market capitalization.
Currently, Dogwifhat ranks as the fourth largest memecoin by market capitalization, trailing behind Pepe (PEPE), which boasts nearly double Dogwifhat's market cap at $4.9 billion. WIF is ranked 44th in cryptocurrencies by market capitalization, with a market cap of $2.4 billion. Another leading Solana-based memecoin, BONK, recently flipped WIF in market cap, but has since fallen back behind to 51st.
Pseudonymous analyst Altcoin Sharper observed WIF's price at $2.36, indicating that a break above $2.50 could propel it back into the trading range of $2.40 to $3.00. He commented, "It’s pretty hard to see what the levels are in that area, but I think this goes higher as long as BTC plays nice," suggesting a bullish outlook contingent on broader market stability.
The recent price surge appears to have tempered futures traders' enthusiasm for speculating on Dogwifhat's short-term trajectory. Data from CoinGlass reveals a 4.1% drop in Open Interest (OI) — the total value of all outstanding or unsettled WIF futures contracts across exchanges — from $296.67 million to $284.32 million over the last 48 hours. Should WIF experience a price correction of approximately 3% to $2.235, long positions worth around $7.87 million could be liquidated, according to Coinglass data.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
