- WIF is currently at an all-time high.
- However, volatility indicators have confirmed the potential for significant fluctuations in the token value.
Dogwifhat (WIF) has hit an all-time high thanks to market interest in memecoins..
The price of WIF has risen 54% in the past 24 hours, making it the fourth largest memecoin at press time. According to coinmarketcap, WIF currently has a market cap of $3.3 billion and is inching closer to PEPE’s market cap.
Interestingly, this news comes after whale, on-chain detective Lookonchain, made a large purchase. Recent Posts At X (formerly Twitter).
According to Lookonchain, during the intraday trading session on March 13, whales $1.26 million to purchase 540,837 WIF in a single transaction.
The same investor withdrew. On March 12, $2.02 million worth of SOL was spent from Kraken, which was used to acquire 921,272 WIF at an average price of $2.19.
At press time, WIF was trading at $3.24. After surging 43% in the past 24 hours, the dog-themed meme coin was named the highest-grossing cryptocurrency asset over the period. CoinMarketCap’s data.
watch out for the swing
Market volatility has soared over the past 24 hours, with WIF prices surging double digits. By assessing the price movements of tokens on daily charts, AMBCrypto found a significant difference between the upper and lower bands of the Bollinger Bands (BB) indicator.
Large gaps between these bands usually indicate increased volatility in the price of the underlying asset. Traders often interpret this to mean that asset prices will experience significant volatility in response to general market sentiment.
WIF’s Average True Range (ATR) assessment confirms that the price is likely to move in either direction. This indicator measures market volatility by calculating the average range between the highest and lowest prices over a specified period.
When it rises, it signals rising market volatility. At press time, WIF’s ATR was 0.38, up 5% in the last 24 hours.
How much is 1,10,100 WIF worth today?
A look at key momentum indicators regarding WIF’s next price direction suggests that downside could be imminent. The relative strength index (RSI) was 88.80.
An RSI of this value indicates that the meme coin may be overbought. At these peaks, buyers often experience fatigue, leading to an almost inevitable decline.
Source: TradingView