30s Summary

Dogwifhat, a memecoin popular among Solana users, is gaining attention after recovering from a September slump. From a low of $1.4, it rallied to $2.97 in mid-October and is currently at $2.63. It’s believed to benefit from other high-performing memecoins like Dogecoin, Shiba Inu, and Pepe, observing a 76% rise over the past month. Its year-over-year return is at 1,392%, second only to Turbo’s 4,570% growth. Additionally, with its open interest increasing by 50%, signaling positive market sentiment, Dogwifhat could potentially reach a resistance level of $2.91, offering an opportunity for a 28% gain if it breaks through.

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Dogwifhat, a favorite memecoin amongst Solana users, is making waves after bouncing back from a slump in early September. It had dropped to a low price of $1.4 but has since rallied back, hitting an impressive $2.97 in mid-October – which is the highest it’s been in four months.

Numbers from Cointelegraph Markets Pro and TradingView tell an exciting tale for Dogwifhat fans – the memecoin’s price is currently at $2.63, showing an increase of 3% in the last 24 hours and a cool 76% upswing over the past month.

So, what’s driving this steady climb for Dogwifhat, also known as WIF? Well, it seems to be riding the coattails of other top-performing memecoins like Dogecoin, Shiba Inu, and Pepe, which have seen recent increases of 23%, 9.8%, and 9.2% respectively.

In the fun and erratic world of memecoins, WIF has been a standout performer. The past month, its returns rose by an astounding 76%, outpacing rivals like Dogecoin’s 34% and Shiba Inu’s 43% gains over the same period.

The year 2024 has also been great for WIF. So far, it’s yielded an unbelievable 1,392% return, only second to Turbo, a ChatGPT-coded memecoin, which soared by a staggering 4,570%. WIF’s considerable growth has surely caught the attention of investors, leading to a surge in purchases.

Another key indicator of WIF’s strong performance can be seen in its open interest (OI), a measure used to gauge market sentiment and predict future price trends. WIF’s OI on all exchanges increased by 50% from $322.2 million to a five-month high of $480.2 million.

Now, when looking at WIF’s price action visually, something interesting has formed: an ascending parallel channel. This pattern suggests that higher highs and lower lows can be expected, implying that the bulls are now in control of WIF. If this bullishness continues, we could see WIF push past its current price and on towards a resistance level of $2.91. If it manages to surpass that, there’s a potential for WIF to swing upwards towards the $3.42 mark, meaning a gain of 28% from where it stands currently.

Keep in mind, futures traders appear skeptical about WIF sustaining this upward momentum. If the price makes it to $3, around $22.92 million in short positions stand to lose out. Conversely, if it dips by 5% down to $2.5, roughly $3.84 million worth of long positions would be wiped off. And remember, the world of cryptocurrency investment always comes with a fair share of risk involved, so it’s always wise to do your own research before making any moves.

Source: Cointelegraph