Dogwifhat (WIF) hits new monthly high after 40% price rally

Solana memecoin Dogwifhat (WIF) is back among the top 50 cryptocurrencies by market capitalization after experiencing a 41.44% uptick over the past week.

Data from Cointelegraph Markets Pro and TradingView shows WIF trading at $2.33, up 10% over the 24 hours.

In comparison, the total memecoin market capitalization is down 5.3%, with most of the top-cap cryptocurrencies in this sector posting losses on July 18, according to data from CoinGecko.

“Dogwifhat is back to the top 50 coins, sitting on a $2.4B cap with just another 2x from hitting a new ATH,” declared independent analyst Eldorado OPM in a July 17 post.

“$WIF is a $40B cap project, which means it still got more energy to grow above current price.”

Dogwifhat remains the fourth largest memecoin by market capitalization, positioned below Pepe ( PEPE ), which has nearly two times the market cap of Dogwifhat at $4.87 billion.

Meanwhile, pseudonymous analyst Altcoin Sharper spotted WIF’s price trading at $2.36 and said that if WIF breaks above $2.50, it would “go back within the trading range between 2.40-$3.00.”

“It’s pretty hard to see what the levels are in that area, but I think this goes higher as long as BTC plays nice”

The price spike has seemingly caused futures traders to hold back from betting on Dogwifhat’s near-term direction. Open Interest (OI) — the total value of all outstanding or unsettled WIF futures contracts across exchanges — has dropped 4.1% from $296.67 million to $284.32 million over the last 48 hours, according to CoinGlass data .

If the memecoin corrects by approximately 3% to $2.235, around $7.87 million in long positions will be wiped out.

Related: Time for altseason? Analysts say altcoin market is near ‘momentum bottom’

Meanwhile, sentiment surrounding memecoins remains positive in 2024 as this asset class remains among the top narratives in 202, according to a recent report by CoinGecko.

Memecoins have also emerged as one of the biggest trends in the crypto industry in 2024, posting the highest returns of 1,312% on average across the top tokens by market capitalization.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.