Solana memecoin Dogwifhat (WIF) is again among the many prime 50 cryptocurrencies by market capitalization after experiencing a 41.44% uptick over the previous week.
Knowledge from Cointelegraph Markets Pro and TradingView exhibits WIF buying and selling at $2.33, up 10% over the 24 hours.
Compared, the whole memecoin market capitalization is down 5.3%, with many of the top-cap cryptocurrencies on this sector posting losses on July 18, in accordance with information from CoinGecko.
“Dogwifhat is again to the highest 50 cash, sitting on a $2.4B cap with simply one other 2x from hitting a brand new ATH,” declared unbiased analyst Eldorado OPM in a July 17 publish.
“$WIF is a $40B cap mission, which implies it nonetheless received extra power to develop above present worth.”
Dogwifhat stays the fourth largest memecoin by market capitalization, positioned under Pepe (PEPE), which has almost two instances the market cap of Dogwifhat at $4.87 billion.
In the meantime, pseudonymous analyst Altcoin Sharper noticed WIF’s worth buying and selling at $2.36 and said that if WIF breaks above $2.50, it will “return throughout the buying and selling vary between 2.40-$3.00.”
“It’s fairly laborious to see what the degrees are in that space, however I believe this goes greater so long as BTC performs good”
The value spike has seemingly precipitated futures merchants to carry again from betting on Dogwifhat’s near-term route. Open Curiosity (OI) — the whole worth of all excellent or unsettled WIF futures contracts throughout exchanges — has dropped 4.1% from $296.67 million to $284.32 million during the last 48 hours, in accordance with CoinGlass data.
If the memecoin corrects by roughly 3% to $2.235, round $7.87 million in lengthy positions can be worn out.
Associated: Time for altseason? Analysts say altcoin market is near ‘momentum bottom’
In the meantime, sentiment surrounding memecoins stays constructive in 2024 as this asset class stays among the many top narratives in 202, in accordance with a current report by CoinGecko.
Memecoins have additionally emerged as one of many greatest developments within the crypto business in 2024, posting the highest returns of 1,312% on common throughout the highest tokens by market capitalization.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a choice.
