WIF leads meme coin rally with 12% surge

Solana-based meme coin Dogwifhat has surged 12%, ranking as the top gainer in the current market.

At the time of writing, Dogwifhat (WIF) remains up 11.5%, trading at $1.58 according to crypto.news data. Its daily trading volume hovers around $598 million, while its market cap has grown to $1.58 billion. This latest price increase places the dog-themed meme coin in 55th position among cryptocurrencies by market cap.

WIF's recent rally is attributed to the accumulation of Dogwifhat tokens by whales. One whale acquired over 9.57 million WIF tokens ($13.59 million) within four days. Another whale purchased 643,832 WIF tokens using 1.4 million USDC, becoming the largest holder with 28.66 million tokens. These transactions indicate investor confidence in WIF's potential resurgence, despite its 67% decline over the past year.

WIF holds the position of the fourth-largest memecoin by market capitalization and remains the top memecoin on Solana. Coinglass data reveals a 12.7% increase in WIF's total open interest in the last day, rising from $187.97 million to $211.8 million. This signifies increased trader engagement and anticipation of potential price movements.

However, market intelligence platform data shows that WIF's aggregated funding rates stand at -0.0015%, indicating bearish sentiment among traders regarding its price outlook.

WIF's current price hovers around the middle Bollinger Band ($1.58), acting as both a support and resistance level. The MACD line recently crossed above the signal line, suggesting a possible shift towards bullish momentum.

Sustaining the price above the middle band could lead to a potential move towards the upper Bollinger Band at approximately $1.90. Failure to maintain this level may result in further consolidation or a pullback to the lower band around $1.25.

Notably, a descending triangle formed between late July and August, characterized by falling highs and a firm support level. This formation hints at a potential bearish breakout if the price breaches the established support line.

WIF's recent price surge aligns with a broader upturn in the meme coin market, which has increased by 5.7% in valuation to $40.6 billion over the past 24 hours. Alongside WIF, other meme coins like Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have also experienced gains.

The global crypto market has also seen a 1% surge, reaching a total valuation of $2.16 trillion. Bitcoin (BTC) remains in the green, up 2.1%, and is trading at $58,895.