Dogwifhat Climbs Back into Top 50 Cryptocurrencies, Gaining 50% This Week

Solana-based memecoin Dogwifhat (WIF) has made a big comeback, re-entering the highest 50 cryptocurrencies following a 49.8% enhance over the previous week.

At present, Dogwifhat ranks because the fourth largest memecoin by market capitalization, trailing behind Pepe (PEPE), which boasts practically double Dogwifhat’s market cap at $4.9 billion. WIF is ranked forty fourth in cryptocurrencies by market capitalization, with a market cap of $2.4 billion. One other main Solana-based memecoin, BONK, not too long ago flipped WIF in market cap, however has since fallen again behind to 51st.

Pseudonymous analyst Altcoin Sharper noticed WIF’s worth at $2.36, indicating {that a} break above $2.50 may propel it again into the buying and selling vary of $2.40 to $3.00. He commented, “It’s fairly arduous to see what the degrees are in that space, however I feel this goes increased so long as BTC performs good,” suggesting a bullish outlook contingent on broader market stability.

The current worth surge seems to have tempered futures merchants’ enthusiasm for speculating on Dogwifhat’s short-term trajectory. Information from CoinGlass reveals a 4.1% drop in Open Curiosity (OI) — the overall worth of all excellent or unsettled WIF futures contracts throughout exchanges — from $296.67 million to $284.32 million over the past 48 hours. Ought to WIF expertise a worth correction of roughly 3% to $2.235, lengthy positions value round $7.87 million might be liquidated, in accordance with Coinglass information.

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