WIF leads meme coin rally with 12% surge

Solana-based meme coin dogwifhat rose by 12% to become the highest-earning coin in today’s market.

At the time of writing, dogwifhat (WIF) was still up 11.5% and trading at $1.58, according to price data from crypto.news. The crypto asset’s daily trading volume is hovering around $598 million, while its market cap has risen to $1.58 billion. Following the recent price surge, the dog-themed meme coin has moved into the 55th position among cryptocurrencies by market cap.

WIF 24-hour price chart – September 3 | Source: crypto.news

WIF’s recent surge is supported by the recent accumulation of Dogwifhat tokens by whales. One whale purchased 9.57 million WIF tokens worth $13.59 million in just four days. Another whale purchased 643,832 WIF tokens using 1.4 million USDC, making it the largest holder with 28.66 million tokens. This trend shows that investors are growing confident in WIF’s potential recovery, despite a 67% drop in value over the past year.

WIF remains the fourth largest memecoin by market cap and the largest Solana-based memecoin.

According to data from Coinglass, WIF’s total open interest increased by 12.7% in the last day, from $187.97 million to $211.8 million, reflecting increased investor participation and anticipation of potential price movements.

Data from the market intelligence platform also shows that WIF’s total funding rates currently stand at -0.0015%, indicating a bearish sentiment among investors regarding WIF’s price outlook.

The current price of WIF positions it near the middle Bollinger Band, around $1.58, which often acts as a dynamic support or resistance level. Meanwhile, the MACD line recently broke above the signal line, suggesting a possible bullish momentum reversal.

WIF Bollinger Bands and MACD chart – September 3 | Source: crypto.news

If the price holds above the middle band, it may attempt to move towards the upper Bollinger Band around $1.90. However, if the price fails to hold above this middle band, it may face further consolidation or a pullback to the lower band around $1.25.

Meanwhile, a descending triangle emerged between late July and August, characterized by a steady series of falling highs and a solid support level. This formation usually signals a potential bearish breakout, especially if the price breaks above the established support line.

WIF’s recent price surge coincides with a broader rally in the meme coin market, which has gained 5.7% over the past 24 hours to reach a total valuation of $40.6 billion. Alongside WIF, other notable meme coins such as Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have also gained, up 5.7%, 6.6%, and 4.3%, respectively.

Meanwhile, the global crypto market also saw a 1% increase, with its total value reaching $2.16 trillion. Bitcoin (BTC) is also in the green, up 2.1% and changing hands at $58,895.