2024-04-25 15:10:36
- dogwifhat has made a turnaround in memecoin’s maximum market cap.
- WIF traded with a price increase of over 16%.
dog hat [WIF] He recently joined the bandwagon of dog-themed memecoins, adding a new perspective to the landscape. Despite its late arrival, data indicates that it has integrated quickly and is already competing for a leading position in the memecoin category.
However, despite notable price advances, overall sentiment around the token has yet to pick up once more. Here’s a look at dogwifhat’s price estimates.
dogwifhat jumps to third position
According to data from CoinMarketCap, dogwifhat is currently third among memecoins in terms of largest market cap. At the time of writing, the market value was over 3.4 billion dollars.
The only two meme coins that rank above are Dogecoin [DOGE]with a market capitalization of more than $23.5 billion, and Shiba Inu [SHIB], with a market value of more than $16 billion. In particular, WIF ranks higher than other popular memecoins Pepe, bangy flounder.
Dogwifhat runs more daily and weekly increases
CoinMarketCap’s analysis also revealed interesting data regarding dog with wife last performance. At the time of writing, dogwifhat boasted the largest 24-hour and seven-day price increases among the top three memecoins.
In the last 24 hours, the price has increased by more than 24%, while in the last seven days, it has witnessed a remarkable growth of more than 40%.
In comparison, Dogecoin, despite having the largest market cap, saw a modest increase of over 3% in the last 24 hours and over 6% in the last seven days.
Similarly, Shiba Inu saw an increase of more than 3% in the last 24 hours and almost 25% in the last seven days.
WIF sees price increase
AMBCrypto analysis of the daily chart sheds light on why dog hat has experienced significant growth over the past seven days.
Examination of the chart reveals a series of positive price increases during this period, with the most notable increase on April 24. At the time of writing, dogwifhat was trading with an impressive increase of over 16%, reaching around $3.5.
By the end of the trading session, however, it had fallen. It ended April 24 up 2.86% and trading around $3.10.
Despite the significant price increase, a look at the Relative Strength Index (RSI) indicates that Dogwifhat is still in a weak uptrend. The RSI, which is currently below 60, suggests an uptrend, although it is not particularly strong.
Volume increases almost 100%
Furthermore, an analysis of the volume trend on Santiment reveals that volume almost doubled compared to the previous trading session, surpassing $800 million at the time of writing, up from $433 million in the previous session.
This convergence in price and volume movements indicates that Dogwifhat is currently experiencing a positive price streak.
Furthermore, a closer look at CoinMarketCap’s volume shows that it has increased by over 87% in the last 24 hours. At the same time, dogwifhat’s market value has also grown by more than 18% at the time of writing.
dogwifhat has yet to generate significant positive sentiment
Analysis of the derived side of dog hat in glass coin indicates that positive sentiment has cooled in recent weeks. But at the time of writing, a slight increase in the funding rate was observed.
The funding rate increased slightly to 0.03%, compared to 0.01% on 23 April. Although the funding rate chart suggests reduced trading participation, long traders appeared to dominate the trades.
A closer analysis of the Open Interest chart confirmed the decline in traders’ activities, and the chart shows an almost flat trend. On April 24, open interest was around $309 million.
The future is still at stake
A recent one Bloomberg The report highlighted that some hedge funds had shown interest in dogwifhat and had opened dedicated memecoin wallets. This marks a notable example of institutional involvement in the memecoin space.
Is your wallet green? Review dogwifhat profit calculator
Given the current price trend, an uptick in sentiment on the derivatives front might push the WIF price even higher.
However, the sustainability of its current momentum is yet to be determined. It will be interesting to see if WIF can maintain its upward trajectory or if it will gradually decline in the coming months.
This is an automatic translation of our English version.
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