Dogwifhat Leads Memecoin Rally with 18.7% Gain
WIF leads the memecoin rally with a 57.27% trading volume surge and $1.7B market cap
Highlights:
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Dogwifhat (WIF) surged 18.7% in 24 hours
•
Trading volume increased by 57.27%, reaching $386 million
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Market cap rose 17.84% to $1.7 billion

Dogwifhat (WIF) has taken the crypto world by storm, surging 18.7% in just 24 hours. With trading volumes skyrocketing and market cap on the rise, WIF is leading the memecoin recovery. But what’s driving this sudden surge?
Over the past month, the memecoin market has faced a significant downturn. Dogwifhat, in particular, saw its value drop from $1.95 to $1.37 in less than two weeks.
However, the tide seems to be turning. In the last 24 hours, WIF’s trading volume has surged by 57.27%, reaching $386 million. Its market cap has also increased by 17.84%, now standing at $1.7 billion.
Surge in Trading Volume and Market Cap
This surge in trading volume and market cap indicates a renewed interest in WIF. The daily charts show a strong upward movement, with prices gaining 18.70%. At the time of writing, WIF is trading at $1.59, reflecting a significant recovery from its recent lows.
The Advance Decline Ratio (ADR) for WIF is currently at 2.68, suggesting increased buying activity. This positive outlook among investors is further supported by the Aroon indicator.
The Aroon Up, at 21.43%, sits above the Aroon Down at zero, indicating that short-term gains are outweighing recent losses.
Additionally, data from Coinglass shows a significant decline in long position liquidations for WIF, dropping from $609.7k to $95.4k in the past 24 hours. Conversely, short position liquidations have surged from $242.4k to $830.4k. This shift suggests that investors betting against the market are now out of money due to recent gains.
The Weighted Funding Rate for WIF is positive, indicating that traders are paying a premium to hold their positions. This bullish sentiment suggests that investors are betting on rising prices.
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