- WIF surged 21% on the weekly chart.
- Dogwifhat’s outstanding contracts increased by 51.5% over the past week.
The cryptocurrency markets have experienced extreme volatility over the past two weeks. Most cryptocurrencies are recovering after the market crash a week ago.
In this recovery, memecoins have taken the lead, with WIF leading the pack. Dogwifhat (WIF), a Solana-based memecoin, has outperformed other memecoins and posted significant gains.
Dogwifhat leads the Mimecoin market
WIF has shown significant upside, outpacing most meme coins on the weekly chart.
First of all, SHIB has recorded 3.17% over the past 7 days, while DOGE has recorded a low gain of 3.47% on the weekly chart, and PEPE has enjoyed a gain of 5.41%.
As the cryptocurrency markets are seeing a significant recovery, most meme coins are showing gains on the daily and weekly charts, with WIF leading the way.
The surge has analysts betting that WIF will lead the memecoin industry. On Page X, Platinum Capital shared:
“If the market holds and #wif can hold 1.8, we will move on from #dogwifhat. $wif can lead the next phase of this #memecoin.”
What the price chart suggests
At the time of writing, WIF was trading at $1.86 after a 21.34% surge last week. Similarly, Mimecoin had a market cap of $1.8 billion, up 3.17%.
However, while the altcoin has seen a surge in price, its trading volume has decreased by 37.51% over the last 24 hours, reaching $255.5 million.
Source: Tradingview
If we look at the Advance Decline Ratio (ADR) of Altcoins, it is 1.15, which suggests that the asset is experiencing more appreciation than losses, indicating bullish market sentiment.
Also, RVGI has been trending upward from -0.4 to -0.12 in the past week. While still below zero, the uptrend shows that the uptrend is gaining momentum as market sentiment changes.
Source: TradingView
Also, the Relative Strength Index (RSI) rose from 29.6 last week to 47.14, which shows that WIF was under sustained buying pressure last week, which pushed up the price.
Source: Coinglass
Looking more closely, AMBCrypto’s Coinglass analysis shows that WIF open interest has surged by 51.1% in the past week. Open interest has increased by 51.5% from $165 million to $250 million in the past week.
This shows that investors are opening more new positions while maintaining existing ones.
Source: CoinGlass
This phenomenon is further evidenced by the low liquidations of long positions over the last 48 hours. WIF liquidations of long positions have decreased from a high of $3.7m to $71.8k last week.
Realistic or not, WIF’s market cap in BTC terms is as follows:
This shows that those holding long positions are willing to pay a premium to hold their positions.
Therefore, if the current market conditions and sentiment hold, WIF will challenge the next important level of $2.3, especially if the daily candlestick closes above $1.89.