Dogwift leads the market with a 13 percent gain — what’s driving WiF’s price?
Dogwift (WIF), a Solana-based memecoin project, rose 13% in one day, reaching a high of $1.77 on August 6. This is part of a retracement seen after WIF's price dropped 63% from its high of $2.89 two weeks ago. .
Data from Cointelegraph Markets Pro and TradingView WIF It rose from a low of $1.07 on August 7, a 66% rise to $1.77 on August 6.
According to data from CoinMarketCap, despite the fact that most of the largest kriptovalyutnogo by market capitalization in this sector posted losses on August 7, the total market capitalization of memecoin rose by 5.3%.
“Solana memecoin $WIF will be among the top 100 coins by market capitalization,” said Solana news source SolanaFloor in an August 7 post on X.
Dogwhiphat remains the fourth largest memecoin by market capitalization, sitting just below Pepe (PEPE), which is nearly twice Dogwhiphat's market cap at $3.13 billion.
Meanwhile, anonymous analyst Kyledoops sees YFF trading at $1.74, and says that YFF remains a top altcoin to pick in the Solana ecosystem, even if it still faces strong resistance on its recovery path.
Despite a slight pullback at the EMA Ribbon header, $WIF remains the top pick on #Solana .
Meanwhile, fellow trader Cryptojack opined that YFF's recent drop below $1.5 was a “false crash” as memecoin quickly “returns to the range.”
From a technical point of view, the price of BTC is waiting for a V-shaped recovery chart pattern on the daily chart as shown below. On the daily chart, two green engulfing candlesticks show that bulls are controlling the price.
The $1.50 mark is acting as immediate support for memecoin. Between August 5 and August 8, the relative strength index rose from 27 to 38, indicating that buyers are returning to the position.
Therefore, an increase in buying from current levels will allow the price to face rising resistance above the 50-day EMA and 100-day EMA at $2.13 and $2.34, respectively.
Higher than that, WIF price could rise to hit the chart pattern at $2.90, which represents an 80% gain from the current price.
Related: Solana Hits New High on Ethereum, But Can $200 SOL Price Be Reached?
Meanwhile, demand for leveraged long positions in the WIF has increased over the past few days, indicating a perpetual futures funding rate.
Data from Coinglass shows that WIF's sustainable funding volume has turned positive after entering negative territory following the August 5 market-wide sell-off.
A positive funding rate indicates that longs (buyers) are looking for more leverage, while the opposite is the case when shorts (sellers) are looking for more leverage, leading to a negative funding rate.
It is worth noting that the current eight-hour rate of 0.0066% translates to 0.13% in the seven-day period, which is not useful for traders building futures positions. Typically, when volatility is driven by excessive optimism, the rate can easily exceed 1% per week over the next few days.
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.
