- dogwifhat has taken a swing at the top memecoin market capitalization.
- WIF was trading with an over 16% price increase.
dogwifhat [WIF] recently joined the band of canine-themed memecoins, adding a fresh perspective to the landscape. Despite its late arrival, data indicates that it has swiftly integrated and is already vying for a leading position in the memecoin category.
However, despite its notable price advancements, the overall sentiment surrounding the token has yet to catch up fully. Here’s a look at dogwifhat’s price prediction.
dogwifhat jumps into third position
According to data from CoinMarketCap, dogwifhat is currently ranked third among memecoins in terms of the largest market capitalization. At the time of this writing, its market cap was over $3.4 billion.
The only two memecoins ranking above it are Dogecoin [DOGE], with a market cap exceeding $23.5 billion, and Shiba Inu [SHIB], with a market cap of over $16 billion. Notably, WIF ranks higher than other popular memecoins such as Pepe, Bonk, and Floki.
Dogwifhat pushes more daily and weekly increase
Analysis of CoinMarketCap also revealed interesting data about dogwifhat’s recent performance. At the time of writing, dogwifhat boasted the highest 24-hour and seven-day price increases among the top three memecoins.
In the last 24 hours, its price surged by over 24%, while over the past seven days, it witnessed a remarkable growth of over 40%.
Comparatively, Dogecoin, despite having the highest market capitalization, experienced a modest increase of over 3% in the last 24 hours and over 6% in the last seven days.
Similarly, Shiba Inu saw an increase of over 3% in the last 24 hours and nearly 25% in the last seven days.
WIF sees a price increase
AMBCrypto’s analysis of the daily timeframe price chart sheds light on why dogwifhat has experienced significant growth in the last seven days.
Examination of the chart reveals a series of positive price runs over this period, with the most notable surge occurring on 24th April. At the time of writing, dogwifhat was trading with an impressive increase of over 16%, reaching around $3.5.
However, at the end of the trading session, it had dropped. It concluded 24th April with a 2.86% increase and traded at around $3.10.
Source: TradingView
Despite the substantial price increase, a glance at its Relative Strength Index (RSI) indicates that Dogwifhat is still in a weak bull trend. The RSI, currently below 60, suggests a bullish trend, albeit not a particularly strong one.
Volume increases by almost 100%
Additionally, an analysis of its volume trend on Santiment reveals that its volume nearly doubled compared to the previous trading session, surpassing $800 million at the time of writing, up from around $433 million in the prior session.
This convergence in price and volume movements indicates that Dogwifhat is currently experiencing a positive price run.
Source: Santiment
Furthermore, a closer examination of the volume on CoinMarketCap shows that it has surged by over 87% in the last 24 hours. Concurrently, the market capitalization of dogwifhat has also grown by over 18% at the time of writing.
dogwifhat yet to spark a significant positive sentiment
Analysis of the derivative side of dogwifhat on Coinglass indicates that positive sentiments have cooled off in the past few weeks. However, at the time of writing, a slight increase was observed in its funding rate.
The funding rate rose marginally to 0.03%, up from 0.01% on 23rd April. Although the funding rate chart suggests reduced trader participation, long-position traders seemed to dominate the trades.
Further analysis of the Open Interest chart confirmed the decline in trader activities, with the chart showing a nearly flat trend. As of 24th April, the Open Interest was around $309 million.
The future is still at large
A recent Bloomberg report highlighted that some Hedge Funds had shown interest in dogwifhat and have opened portfolios dedicated to the memecoin. This marks a notable instance of institutional participation in the memecoin space.
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Given the current price trend, an uptick in sentiment on the derivative front could propel the price of WIF even higher.
However, the sustainability of its current momentum remains to be determined. It will be interesting to observe whether WIF can maintain its upward trajectory or if it will taper off in the coming months.
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