WIF surges 23% as investors discuss buying opportunities

Six-month-old dog-themed meme coin dogwifhat (WIF) has gained upward momentum after a month of continuous declines.

WIF is up 23.7% in the last 24 hours and is trading at $1.89 at the time of writing. This is the first bullish momentum for the meme coin after almost a month of consecutive declines. On May 29, the asset hit a two-month high of $4.06 and has fallen 39% over the past 30 days.

WIF price, RSI, open interest, funding rate and social volume – June 25 | Source: Santiment

Following a significant drop in its price, WIF’s market cap dropped to $1.54 billion on June 24. The market cap of the meme coin currently stands at $1.88 billion, making it the 50th largest digital currency.

Additionally, WIF’s daily trading volume increased by 114%, exceeding $700 million.

According to data provided by Santiment, the increase in price comes as investors discuss potential buying opportunities. Data shows that social activity around meme coin has increased by 78% in the last 24 hours.

According to Santiment, WIF’s total open interest increased from $191 million to $201 million in the past day.

However, the total funding rate raised by WIF has been steadily hovering around 0.007% since June 20. The $10 million increase in the token’s open interest suggests that new trading positions are largely comprised of long positions, and investors are somewhat optimistic about the price increase.

Data from the market intelligence platform shows that the WIF relative strength index (RSI) rose from 24 to 34 in the past day. The indicator shows that the value of the dog-themed meme coin still holds up well against a potential price increase.