Shiba

bullish

Arthur

Reversal

Futures traders are increasingly <a href="https://thecoinrise.com/key-investor-boosts-dogwifhat-stake-with-1-54m-purchase-amidst-price-recovery-explore-bretts-surprising-rise-and-moonbags-strategic-liquidity/">bullish on the Solana-based memecoin Dogwifhat (WIF)</a>, despite its current struggles. Analysts have spotted a potential reversal pattern, sparking hopes that the token could recover after a significant drop in value. WIF is currently trading 66% below its all-time high of $4.70, reached in March 2024. 
According to <a href="https://www.coinglass.com/pro/futures/Cryptofutures">data</a> from CoinGlass, Dogwifhat open interest (OI) — representing the total number of unsettled futures contracts — has surged 16% since August 31, rising to $231.48 million. This signals growing confidence among futures traders that a reversal may be imminent. Some analysts, like the pseudonymous trader Bluntz, have expressed optimism about WIF’s price potential. 
In a September 3 post on X, Bluntz <a href="https://x.com/Bluntz_Capital/status/1830790382256562642">noted</a> a “perfect channel retest” for the asset and claimed that no one is prepared for the “V-shaped reversal” that could unfold. 
<h2 id="span-style-font-weight-400-dogwifhat-s-price-stagnant-span">Dogwifhat’s Price Stagnant</h2> 
Despite this optimism, Dogwifhat’s price has remained stagnant in recent weeks. It has dropped 17% since August 25, currently <a href="https://coinmarketcap.com/currencies/dogwifhat/">hovering</a> around $1.57, according to CoinMarketCap. The token has stayed below $1.90 for over 10 days, prompting some traders to bet on a return to its July 30 price level of $2.40. 
Crypto trader zer0 also chimed in on the potential rebound, <a href="https://x.com/degengambleh/status/1831373087700611106">stating</a> that WIF “looks ready for its next leg up.” 
<h2 id="span-style-font-weight-400-wif-s-performance-span">WIF’s Performance</h2> 
Earlier this year, <a href="https://thecoinrise.com/from-moonbags-3-5m-strategic-liquidity-to-dogwifhats-market-moves-and-dices-gamblefi-approach-a-deep-dive-into-diverse-crypto-tactics/">WIF enjoyed a strong start but quickly lost momentum</a>. Back in March, the token hit its all-time high, and bullish predictions suggested it could double in price. During this period, a crowdfunding campaign aimed to feature a Dogwifhat mascot on the Las Vegas sphere, raising nearly $700,000. However, the campaign has yet to materialize, though organizers remain optimistic about its success. 
Since September 4, Dogwifhat has registered $327.6 million in trading volume, roughly double the trading volume of Shiba Inu, the second-largest memecoin by market capitalization. 
Arthur Hayes, former CEO of BitMEX, also expressed support for the token back in March, famously stating, “The hat stays on while I count to $10.” But as the year has progressed, altcoins like WIF have not rallied as anticipated. 
The post <a href="https://thecoinrise.com/dogwifhat-traders-anticipate-reversal-despite-66-decline-from-march-peak/">Dogwifhat Traders Anticipate Reversal Despite 66% Decline from March Peak</a> appeared first on <a href="https://thecoinrise.com/">TheCoinrise.com</a>.

Dogwifhat Traders Anticipate Reversal Despite 66% Decline from March Peak

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