Wif is soaring with 18.7% surge on daily charts. Dogwifhat leads memecoin recovery with increase in trading volume and M.C.
dogwifhat led the memecoin recovery, with an increase in trading volume and market cap.Over the past month, WIF has experienced a sustained decline of 36.61%. The trend mirrored the overall memecoin sector.dogwifhat has continued to defy markets with gains on daily charts. As of this writing, WIF’s trading volume has surged by 57.27% over the past 24 hours to $386 million.
Equally, the market cap has surged by 17.84% in 24 hours to $1.7 billion. Essentially, the daily chart shows that prices have gained 18.70%.At press time, the memecoin was trading at $1.59 after making significant gains on daily charts. The price action showed a strong upward movement in the short term on price charts.
The Advance Decline Ratio was above 1 at 2.68, suggesting increased buying activity and overall positive outlook among investors.The Aroon line showed that price movements in the short term have gained upward momentum. The Aroon Up, at 21.43%, sat above Aroon Down at zero, indicating that short-term gains outweighed recent losses.Looking further, data from Coinglass showed that WIF has experienced a significant decline in long position liquidations over the past 24 hours, from $609.7k to $95.4k.
Equally, short position liquidation has surged from $242.4K to $830.4k over the same period. This shows that investors betting against the market are out of money due to recent gains.The Weighted Funding Rate was positive at press time, suggesting that traders paid a premium to hold their positions. This is bullish, indicating that investors were betting on rising prices.Therefore, with the current positive market sentiment, WIF is well positioned for further gains.
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