Despite the recent surge in WIF price, its monthly statistics have seen significant declines. On Tuesday, Aug. 20, the price of Dogwifhat soared 17% to $1.61, while the meme coin’s market cap surpassed the $1.6 billion mark. Following this price surge, WIF’s daily trading volume increased by 52%, reaching $370 million.

WIF Price, Open Interest, Funding Rate, and Sentiment

According to data provided by Santiment, WIF’s total open interest plunged by 54.5% over the past 30 days, falling from $328 million to $149 million. This indicates declining trader interest in the meme coin as the broader crypto market witnessed a local bottom.

Data from the market intelligence platform also shows that the total funding rates aggregated by WIF are hovering at 0.006%, indicating traders’ bullishness on WIF’s price hike.

However, the meme coin’s social volume appears mostly negative as the weighted sentiment around WIF is sitting below the zero mark.

While the recent price surge made WIF the top gainer among the top 100 cryptocurrencies by market capitalization, the asset is still down by 37% over the past 30 days. WIF briefly dropped to $1.12 on Aug. 5 but soon recovered 20% of its losses.

Notably, WIF is not the only meme coin to register gains with the market-wide recovery. According to data, meme coins’ market cap increased by 6.9% in total, reaching $41 billion.

For more updates on the latest trends in cryptocurrencies, investing, and finance, stay tuned to Global Crypto News.

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