- Solana meme coin Dogwhiphot struggled to hit a three-month low last week.
- WIF hit an all-time high of $4.83 in March before later falling to $1.55.
- WIF’s success of recovering 45% in 7 days was driven by increased trading volume.
Dogwhipheart (WIF), the popular Solana (SOL) meme coin, has seen a strong seven-day rally, rising 45% from its weekly low of $1.55. WIF is now halfway to the $5 price milestone, so the current price range is acting as a support floor for WIF as traders show renewed interest in spot and derivatives.
WIF, daily trading volume surges
WIF is once again on the rise in the derivatives market, with volumes up 53.9% to $1.69 billion. According to the latest data from CoinGlass, the Open Interest (OI) metric, which is used to measure the density of open leveraged positions, also increased by 25.13% to $282.84 million.
In the spot market, Dogwifhat is enjoying growth in 24-hour volume, surpassing $507 million at the time of publication. The consolidated liquidity ledger still shows $2.52 million in executed sell orders, which is significantly higher than the $1.55 million WIF bid.
Can Dogwifhat still get $5?
With the renaissance in trading activity, analysts are writing down the next price target for Solana’s knitted dog. For example, Market Spotter has set a price target of $4.50 for WIF in the next bull run, while some traders are dreaming of even higher.
Bluntz Capital, a crypto analyst who predicted a bottom for Dogwifhat on June 29, 2024, sees WIF in the double-digit price range, based on Elliott Wave theory. “We now have an impulsive 5-wave rally from the lows for the first time in months,” the analyst claims.
Meanwhile, Solana’s WIF has fallen to the top 50 in terms of global market cap. Its current market cap is $2.22 billion and its maximum supply is limited to 998,926,392.
Meanwhile, the Solana meme coin community continues to keep WIF relevant through memes and airdrops. From its all-time high of $4.83 on March 31, 2024, WIF faced significant selling pressure in April, falling to $2.15 before Solana whales finally reached their $4 target on May 29, 2024.
On the other side
- Price predictions by cryptocurrency analysts are mostly based on technical indicators and historical on-chain data.
- The analysis does not take into account the ever-changing societal impact of blockchain technology.
Why this matters
Meme coins took the title of most profitable niche in Q1 2024, beating out other popular markets such as real assets (RWA) and artificial intelligence (AI).
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