It has been an exhilarating ride for dogwifhat [WIF], now ranked as the 29th most valuable cryptocurrency in the market. However,
Though search related to the memecoin decreased on social media, increased interest in the derivatives market may help its value.A thorough analysis showed that WIF’s price might retrace before it aims for a $6 billion market cap., now ranked as the 29th most valuable cryptocurrency in the market. However, a lot of participants might not know this but the Open Interest in the derivatives market has been a major reason WIF has been climbing.
For instance, the Open Interest on the 27th of February was less than $60 million, meaning the indicator has risen 10x in value since then.suggested that buyers were more aggressive than sellers. As a result, the large OI, backed by a lot of liquidity helped WIF pump.As of this writing, WIF’s market cap was $4.22 billion. However, it does not seem like the interest in the perp side of the market would wane anytime soon.
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