Key Takeaways:
On Thursday, popular Solana-based memecoin Dogwifhat (WIF) became one of the most valuable cryptocurrencies by market capitalization after experiencing a 41.44% uptick in price during the week.
WIF Becomes Top Performing Memecoin of The Week After Rallying Over 10% In 24 Hours
According to Cointelegraph Market Pro and TradingView data, WIF posted 11% gains over 24 hours. This surge in value came despite a general market correction sending several meme coins to the red zone.
For comparison, the total memecoin market capitalization is down 5.3%, with most of the leaders in the niche, such as BONK, Shiba Inu (SHIB), and Dogecoin (DOGE), posting heavy losses on July 18th.
WIF’s performance has placed itself among the top 50 cryptocurrencies by market cap. Even more impressive about this rally is the fact that Solana (SOL) is lagging behind the rest of the market.
Beyond its rally over the past 24 hours, WIF bulls seem to be in full swing, buying the selling pressure. The token is also the highest performer on the weekly timeframe, gaining more than 60% in value in the past seven days.
Dogwifhat is the only token in the green zone among the top meme coins with a market cap above $1 billion. WIF has a market cap of $2.40 billion and attained a trading volume of $614.48 million in the last 24 hours.
WIF remains the fourth largest memecoin by market cap, positioned below Pepe (PEPE), which has nearly twice the market cap at $4.87 billion.
Analysts Say WIF Has More Room To Grow But Depends On How BTC Sustains Its Price
In an X post, independent crypto analyst Eldorado OPM called WIF a $40 billion cap project. He said the token has “more energy to grow” above its current price.
Meanwhile, pseudonymous analyst Altcoin Sharper claimed that if WIF breaks above the $2.50 level, then it would go back to trade between the range of $2.40 to $2.30. He noted that it was difficult to see the price levels in that area, but thinks WIF can go higher as long as Bitcoin (BTC) sustains its momentum.
The latest price spike has caused futures traders to hold back from betting on WIF’s near-term direction. CoinGlass data shows that Open Interest (OI), which is the value of all unsettled WIF futures contracts across exchanges, has dropped 4.1% from $296.67 million to $284.32 million over the last 48 hours.
The report says that if WIF corrects its price by approximately 3% to $2.23, then around $7.87 million in long positions will be wiped out.
Market Sentiment Towards Memecoins Remains At The Peak In 2024
Dogwifhat suffered a heavy hit in May after riding the meme coin frenzy wave from March into April, which sent its price into a month-long consolidation. This resulted in WIF remaining stagnant while other meme coins like PEPE and BONK soared. Several members of the crypto community even speculated that the token had topped in this cycle.
The market’s sentiment surrounding the token worsened after the German government announced the sale of the BTC it seized from criminals. This triggered a further market-wide correction, which saw WIF’s price hit a four-month low of $1.47.
Following the market’s recovery this week, WIF bulls have returned and show no signs of slowing down. This was seen in the token’s weighted sentiment, which has been trending upwards since Sunday, as per data from Santiment.
Meanwhile, the market’s sentiment towards memecoins remains positive this year. The asset class is among the top narratives in 2024, a list that includes the likes of AI, Real World Assets (RWA), and Gaming.
Memecoins have also emerged as one of the biggest trends in the crypto industry this year, posting the highest returns at 1,312% on average across the top cryptocurrencies by market capitalization.
At the time of writing, WIF is trading at $2.41 – up 9.34% in the last 24 hours.
Latest news: Crypto And Tech CEO’s Endorsing Trump Is “Bitcoin Play”, Says Mark Cuban