Memecoins
dogwifhat dominates memecoins, jumps 20% in a week: what next?
- Over the past seven days, WIF has led the memecoin rankings in terms of gains.
- It has faced selling pressure over the last 24 hours.
In recent weeks, the cryptocurrency market has seen a notable increase in the popularity of animal-themed icons. memecoinsespecially those themed around dogs and cats.
Driving the gains in this playful but speculative market segment is dogwife hat [WIF]which has outperformed other memecoins over the past seven days.
the dog’s wife jumps
According to the latest data from CoinMarketCap, dogwife hat has seen a significant increase, more than 20% in the last seven days.
This surge has placed it in fourth place among memecoins in terms of market capitalization. At the time of writing, its market capitalization was over $2.2 billion.
Despite its strong weekly performance, dogwifhat has shown some volatility over the past 24 hours, swinging between gains and losses. At the time of writing, it has been seen a slight decline of less than 1%.
Volume in the last 24 hours
Despite these short-term fluctuations, dogwife hat had a significant 24-hour trading volume, reaching over $412 million, underlining its popularity and active trading community.
The volume was second only to Pepper [PEPE]which has a slightly higher volume, equal to over 449 million dollars.
If dogwifhat continues to post more gains than losses for the rest of the week, it could close as one of the top gainers.
WIF Sees Further Gains
AMBCrypto Analysis by dogwife hat on a daily time frame chart, as reported by AMBCrypto, it has shown a trend characterized by more gains than losses in the last few days.
The memecoin closed trading on June 1 with an encouraging increase of over 3%, with the price reaching around $2.27.
The move marked the second consecutive day of gains for dogwifhat, suggesting a short-term positive trend in its trading activity.
Source: TradingView
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Despite a subsequent drop of more than 1%, dogwifhat managed to maintain a trading price around $2.2, which indicates some level of price stability despite the pullback.
Further insights from the Relative Strength Index (RSI) analysis showed that the RSI was just below the neutral line of 50. This positioning suggested that WIF was currently in a downtrend, albeit weakening.