The six-month-old dog-themed meme coin, dogwifhat (WIF), has experienced a significant surge of 23.7% in the past 24 hours, reaching a price of $1.89. This bullish momentum comes after a month of continuous declines for the asset. Previously, on May 29, WIF had reached a two-month high of $4.06, but subsequently, it recorded a 39% decrease over the following 30 days.
As of June 24, WIF’s market cap had fallen to $1.54 billion; however, with the recent surge in price, it has now risen to $1.88 billion, positioning the meme coin as the 50th largest digital currency in terms of market cap. Additionally, WIF’s daily trading volume has seen a significant increase of 114%, surpassing $700 million.
Santiment data indicates that the rise in the price of dogwifhat has sparked discussions among investors regarding potential buying opportunities. Social activity surrounding the meme coin has increased by 78% in the past 24 hours, indicating growing interest in the asset.
Moreover, WIF’s total open interest has grown from $191 million to $201 million in the last day. Despite the funding rate remaining stable at 0.007% since June 20, the $10 million uptick in open interest suggests that new trading positions are primarily bullish, with traders showing confidence in a potential price increase.
The relative strength index (RSI) for WIF has climbed from 24 to 34 over the past day, indicating that the value of the dog-themed meme coin is still favorable for a potential price surge. This positive momentum has led investors to consider the current market conditions as an opportunity for investment in WIF.
With the recent surge in price and market activity, investors are closely monitoring the developments surrounding WIF to capitalize on potential buying opportunities. As the meme coin continues to gain traction and show signs of recovery from previous declines, the investment community remains optimistic about the future prospects of dogwifhat in the digital currency market.