Dogwifhat (WIF) experienced a surprising pump of 12%, leading to speculation about potential whale activity in the market. The cryptocurrency saw its market cap soar above $3 billion after a brief slump. This pump coincided with Bitcoin’s rebound above $62,800 and Ethereum’s attempt to stabilize above $3,000.
In the past 24 hours, WIF’s price surged by 12.3% to reach $3.22, with a market capitalization of $3.22 billion. The daily trading volume also saw a significant increase of 24.68% to $467.6 million. Interestingly, blockchain data tracker lookonchain detected anonymous whale activity associated with WIF. This whale purchased nearly 1.4 million WIF tokens, amounting to $4.18 million at the time of purchase. Currently, these tokens are in profit as the price has risen by 7.7%.
It remains to be seen whether Dogwifhat (WIF) will continue to experience price surges or if a dump is imminent. The relative strength index (RSI) suggests that the asset is currently in a neutral territory, neither oversold nor overbought. However, the Chaikin Money Flow (CMF) indicator indicates a gradual decline below zero, which suggests decreased capital flow into WIF. Additionally, trading volume has decreased over the past two days.
According to analysis from TheNewsCrypto, WIF’s current price momentum resembles a cup and handle pattern, which often signifies a consolidation phase followed by a breakout. If a bullish breakout occurs, WIF could surpass its resistance at $3.5757. Conversely, if bearish momentum takes hold, WIF may fall to $2.8.
Notably, another Solana memecoin, BOOK OF MEME (BOME), was also listed among the top 10 gainers. According to CoinMarketCap data, BOME surged by over 10.5% in the last 24 hours, reaching a trading price of $0.01184.