As a seasoned crypto investor with a keen eye for market trends, I’m always on the lookout for promising opportunities. And it seems that the recent bullish momentum of dogwifhat (WIF) has caught my attention.
A six-month-old meme coin with a dog theme, named Dogwifhat (WIF), has experienced a surge in bullish sentiment following a month of consecutive decreases.
The meme coin WIF has experienced a 23.7% surge in value over the last 24 hours and is currently priced at $1.89. This marks the first upward trend for the asset following nearly a month-long series of decreases. On May 29th, WIF touched a two-month peak of $4.06, but it subsequently plummeted by 39% over the preceding 30 days.
After a significant drop in price, WIF‘s market value decreased to $1.54 billion on June 24. At present, the meme coin’s market value amounts to $1.88 billion, ranking it as the 50th largest cryptocurrency.
Moreover, WIF’s daily trading volume increased by 114%, surpassing the $700 million mark.
Based on Santiment’s data, there’s been a significant rise in the price of dogwifhat. This development arises as investors contemplate potential purchases. The social buzz surrounding the meme coin has surged by an impressive 78% within the last 24 hours.
According to Santiment’s data, the total open interest for WIF saw a significant increase, rising from $191 million to $201 million within the last 24 hours.
As an analyst, I’ve noticed that the total funding rate, as calculated by WIF, has remained relatively stable around 0.007% since June 20th. Meanwhile, there has been a significant $10 million increase in the token’s open interest. This indicates that a large number of new trading positions have been established predominantly as long positions. As a result, traders seem to be displaying a slightly bullish sentiment towards the price increase of this token.
Based on data obtained from our market intelligence platform, the relative strength index (RSI) for the WIF meme coin, themed around dogs, increased from 24 to 34 within the last day. This finding suggests that the coin’s value remains favorable for a possible price increase.
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2024-06-25 10:41