Solana Mimecoin Dogwhipheart (WIF) has re-entered the top 50 cryptocurrencies by market cap after a 41.44% gain last week.
According to data from Cointelegraph Markets Pro and TradingView, WIF is up 10% over the past 24 hours and is trading at $2.33.
In comparison, Memecoin’s overall market cap fell by 5.3%, with most of the top cryptocurrencies in the space posting losses on July 18, according to data from CoinGecko.
“Dogwifhat has settled back into the top 50 coins by hitting the $2.4 billion cap and needs just 2x more to hit a new ATH,” independent analyst Eldorado OPM declared in a July 17 post.
“$WIF is a $40 billion project that still has the energy to grow much higher than its current price.”
Dogwifhat is the fourth largest meme coin by market cap, behind Pepe (PEPE), which has a market cap of $4.87 billion, which is roughly twice that of Dogwifhat.
Meanwhile, pseudonymous analyst Altcoin Sharper noticed that WIF was trading at $2.36 and said that if WIF breaks $2.50, it will “return to the trading range between $2.40 and $3.00.”
“It’s pretty hard to see what the level is in that area, but I think it’ll go higher as long as BTC does well.”
The price surge seems to be making futures traders hesitant to bet on Dogwifhat’s short-term direction. According to CoinGlass data, open interest (OI), the total value of open or unsettled WIF futures contracts across exchanges, fell 4.1% from $296.67 million to $284.32 million over the past 48 hours.
If Mimecoin were to fall by around 3% to $2,235, long positions worth around $7.87 million would be wiped out.
Related: Time for Alt Season? Analysts Say Altcoin Markets Are Nearing a ‘Momentum Bottom’
According to a recent report from CoinGecko, sentiment surrounding Mimecoin is expected to remain positive in 2024, with the asset class set to remain one of the biggest topics in 2020.
Mimecoin has emerged as one of the biggest trends in the cryptocurrency industry in 2024, recording the highest average return of 1,312% among the top tokens by market cap.
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