Dogwifhat (WIF) jumps 7% while top meme crypto prints red

Solana-Based Dogwifhat (WIF) Shows Strength Amidst Crypto Meme Coin Downturn

Crypto meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), are facing significant downward movement. However, Solana-based Dogwifhat (WIF), the world's fourth largest meme coin, has bucked the trend, surging 7% according to data from CoinMarketCap.

Factors Contributing to WIF's Price Surge

The price spike in WIF tokens is attributed to significant liquidations in both long and short positions. Notably, $1.58 million in long liquidations occurred within the last 24 hours, compared to $711.47k in short liquidations, indicating a bearish sentiment among investors.

Current Market Performance

As of now, WIF is trading near $1.71. It has experienced a 3.2% upside momentum within the past hour and a 7% price surge within the last 24 hours. The token also reached a low of $1.44 during the same period. Over the last 7 and 30 days, WIF has declined by 28% and 40%, respectively.

Increased Trading Activity and Interest

WIF's trading volume has surged by 80% in the last 24 hours, indicating a growing interest in the token. Open interest has also increased by 2.15%, signaling a positive outlook for WIF.

Technical Analysis and Key Levels

Technical analysis shows WIF reversing from a support level of $1.61. If the token closes above $1.83, a substantial upside momentum may follow, contingent upon positive market sentiment.

Solana-Based Meme Coins Gaining Momentum

The recent performance of WIF and its Solana-based counterpart, Bonk (BONK), which has also risen by 2%, suggests a potential bullish trend for Solana-based meme coins. This could indicate a shift in attention toward Solana-based assets during the wider market downturn.