The five-month-old dog-themed meme coin, dogwifhat (WIF), has recorded an impressive price surge amid marketwide bullish sentiment. Despite this, some traders anticipate a potential downturn.

WIF is up by 14% in the past 24 hours and is trading at $3.85 at the time of writing. The meme coin briefly touched an intraday high of $4.05 earlier today, a level last seen in early April. WIF’s market cap is currently $3.85 billion, making it the 28th-largest cryptocurrency at this moment.

Trading Volume and Market Activity

The meme coin’s daily trading volume surpassed the $1.5 billion mark after a 33% surge over the past day.

Open Interest and Funding Rates

According to data, WIF’s total open interest increased by 17.7% in the past 24 hours, rising from $374.9 million to $441.2 million. A sudden surge in open interest often signals high price volatility due to potential liquidations.

Additionally, the total funding rate for WIF plunged from 0.043% to 0.019% over the past 24 hours. This indicates a significant increase in traders betting on a price decline.

Relative Strength Index (RSI)

The WIF Relative Strength Index (RSI) rose from 61 to 65 in the past 24 hours. This suggests that the dog-themed meme coin is currently overbought, and even whale price manipulation could be in play.

At this point, the price of dogwifhat could witness sudden movements due to traders taking short-term profits and incoming liquidations.

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