Dogwhistle (WIF) has hit a new monthly high after a 40% price rally
Solana memecoin Dogwifhat (WIF) is back in the top 50 cryptocurrencies by market capitalization after a 41.44% increase last week.
Data from Cointelegraph Markets Pro and TradingView shows WIF trading at $2.33, a 10% increase in 24 hours.
In comparison, memecoin's overall market capitalization fell 5.3%, with most high-cap cryptocurrencies in the sector posting losses on July 18, according to data from CoinGecko.
“Dogwifhat is back in the top 50 coins, sitting on a $2.4B cap with another 2x hitting a new ATH,” independent analyst Eldorado OPM said in a July 17 post.
“$YF is a $40B cap project, which means it still has the potential to grow beyond its current valuation.”
Dogwhiphat remains the fourth largest memecoin by market capitalization, sitting just below Pepe (PEPE), which is nearly twice Dogwhiphat's market cap at $4.87 billion.
Meanwhile, anonymous analyst Altcoin Sharper sees WIF trading at $2.36 and says that if WIF breaks above $2.50, it will “return to the trading range between $2.40-$3.00”.
“It's hard to see what the levels are in that area, but as long as BTC is good I think it's high.”
The rise in prices seems to have caused futures traders to shy away from betting on Dogwhiphat's recent direction. Open interest (OI) — the total value of all outstanding or unsettled WIF futures contracts, according to CoinGlass data — fell 4.1% from $296.67 million to $284.32 million in the past 48 hours.
If memecoin corrects roughly 3% to $2.235, about $7.87 million will be lost on long positions.
Related: Time for altseason? Analysts say the altcoin market's ‘momentum bottom' is close
Meanwhile, the sentiment around memecoins will remain positive in 2024 as this asset class remains among the top 202 narratives according to CoinGecko's latest report.
Memecoins emerged as one of the biggest trends in the crypto industry in 2024, posting the highest return of 1,312% on average market capitalization.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
