In the last 24 hours, WIF has surged by 23.7%, currently trading at $1.89. This marks the first positive movement for the meme coin following nearly a month of continuous declines. On May 29, WIF hit a peak of $4.06, its highest in two months, but has since dropped by 39% over the past 30 days.
After experiencing a significant price drop, WIF’s market capitalization dropped to $1.54 billion on June 24. As of now, the meme coin’s market cap has rebounded to $1.88 billion, securing its position as the 50th largest digital currency.
Furthermore, WIF’s daily trading volume surged by 114%, exceeding $700 million. According to Santiment data, this price increase in dogwifhat coincides with discussions among investors about potential buying opportunities, with social activity around the meme coin rising by 78% in the past 24 hours.
Santiment also reported a rise in WIF’s total open interest from $191 million to $201 million within the last day. Despite this, the token’s total funding rate has remained stable around 0.007% since June 20. The $10 million increase in open interest indicates that new trading positions predominantly consist of long positions, suggesting traders are cautiously optimistic about a potential price increase.
Market intelligence from Santiment shows that WIF’s relative strength index (RSI) has climbed from 24 to 34 over the past day. This indicator suggests that the value of the dog-themed meme coin remains in a favorable position for a potential upward movement in price.
