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

Dogwifhat Returns to Top 50 Cryptocurrencies with 50% Gain This Week

Solana-based memecoin Dogwifhat (WIF) has made a significant comeback, re-entering the top 50 cryptocurrencies after a 49.8% surge over the past week. WIF is currently trading at $2.41, marking a 6.4% increase over the past 24 hours. This performance stands out compared to the broader memecoin market, which has seen a 3.26% decrease in total market value.

Currently, Dogwifhat is ranked as the fourth-largest memecoin by market capitalization, falling behind Pepe (PEPE), which has almost double the market capitalization of Dogwifhat at $4.9 billion. WIF is ranked 44th by market capitalization among cryptocurrencies with a market capitalization of $2.4 billion. Another leading memecoin based on Solana, BONK, recently surpassed WIF by market capitalization but has since fallen to 51st place.

Pseudonymous analyst Altcoin Sharper has observed WIF’s price at $2.36, noting that a break above $2.50 could push it back into the $2.40 to $3.00 trading range. “It’s pretty hard to see what the levels are in this area, but I think it’s going to go higher as long as BTC plays well,” he commented, suggesting a bullish outlook contingent on broader market stability.

The recent price rally appears to have tempered futures traders’ enthusiasm for speculating on Dogwifhat’s short-term trajectory. Data from CoinGlass shows a 4.1% decrease in Open Interest (OI), the total value of all expired or unclosed WIF futures contracts on exchanges, from $296.67 million to $284.32 million over the past 48 hours. If WIF were to experience a price correction of around 3% to $2,235, around $7.87 million worth of long positions could be liquidated, according to Coinglass data.