Solana-based memecoin has made a significant comeback, re-entering the top 50 cryptocurrencies following a 49.8% increase over the past week. WIF is currently trading at $2.41, marking a 6.4% rise in the past 24 hours. This performance stands out against the broader memecoin market, which saw a 3.26% decline in total market capitalization.
Currently, Dogwifhat ranks as the fourth largest memecoin by market capitalization, trailing behind Pepe (PEPE), which boasts nearly double Dogwifhat's market cap at $4.9 billion. WIF is ranked 44th in cryptocurrencies by market capitalization, with a market cap of $2.4 billion. Another leading Solana-based memecoin, BONK, recently flipped WIF in market cap, but has since fallen back behind to 51st.
Pseudonymous analyst Altcoin Sharper observed WIF's price at $2.36, indicating that a break above $2.50 could propel it back into the trading range of $2.40 to $3.00. He commented, "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," suggesting a bullish outlook contingent on broader market stability.
The recent price surge appears to have tempered futures traders' enthusiasm for speculating on Dogwifhat's short-term trajectory. Data from CoinGlass reveals a 4.1% drop in Open Interest (OI) — the total value of all outstanding or unsettled WIF futures contracts across exchanges — from $296.67 million to $284.32 million over the last 48 hours. Should WIF experience a price correction of approximately 3% to $2.235, long positions worth around $7.87 million could be liquidated, according to Coinglass data.
