The Dogwifhat (WIF) cryptocurrency has demonstrated impressive performance in recent days, surpassing the US$3 mark, a significant accomplishment for the meme coin that is gaining popularity in the market. Currently, WIF is trading at US$2.98, experiencing a 2% decrease in the past 24 hours but an 18% increase in the last week.
The substantial price surge can be attributed to strong investor momentum, evident in a 20% rise in the past week and an additional 8% in the last 24 hours. These gains have propelled WIF above a symmetrical triangle pattern, indicating potential future rallies.
Captain Faibik, a cryptocurrency analyst, highlighted this upward movement in a recent tweet, suggesting that WIF could potentially experience an 80% to 90% surge after breaking out of a consolidation pattern that lasted for 80 days.
Another notable development is the involvement of a crypto whale who has made significant investments in Dogwifhat. According to a tweet from Lookonchain, the whale spent 17,966 SOL (approximately US$2.98 million) to acquire 953,177 WIF at a price of US$3.13 each. This same whale had previously made a notable purchase on May 21st, buying 355,417 WIF for US$2.81 each using 1 million USDC.
Despite this positive sentiment in the market, overall sentiment surrounding Dogwifhat remains predominantly bearish, with the coin’s weighted sentiment entering the negative zone. Additionally, the social volume of WIF has decreased, indicating a decline in its popularity.
In terms of market metrics, Dogwifhat’s open interest has seen an increase, suggesting that the current price trend may continue. However, there has been a slight drop in this metric recently. The Money Flow Index (MFI) and Chaikin Money Flow (CMF) indicate that buyers still hold an advantage, even though CMF is below the neutral mark.
Disclaimer: The views and opinions expressed in this article, by the author or any mentioned individuals, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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