Solana-based meme coin Dogwifhat has surged 12%, ranking as the top gainer in the market today. As of now, Dogwifhat remains up 11.5%, trading at $1.58. The cryptocurrency’s daily trading volume is approximately $598 million, with a market cap of $1.58 billion. This increase has propelled the dog-themed meme coin to the 55th position among cryptocurrencies by market cap.

Dogwifhat’s recent surge is driven by significant whale accumulation. One whale acquired over 9.57 million WIF tokens, valued at $13.59 million, within four days. Another whale used 1.4 million USDC to purchase 643,832 WIF tokens, making them the largest holder with 28.66 million tokens. This trend indicates growing investor confidence in WIF’s potential rebound, despite a 67% drop in value over the past year.

WIF remains the fourth-largest meme coin by market capitalization and the top Solana-based meme coin. According to market data, WIF’s total open interest jumped by 12.7% in the last day, increasing from $187.97 million to $211.8 million. This reflects growing trader engagement and anticipation of potential price movements. Additionally, WIF’s aggregated funding rates are currently at -0.0015%, indicating a bearish sentiment among traders regarding WIF’s price outlook.

WIF’s current price positions it near the middle Bollinger Band, around $1.58. This often acts as a dynamic support or resistance level. The MACD line recently crossed above the signal line, suggesting a possible bullish momentum shift. If the price sustains above the middle band, it could attempt to move towards the upper Bollinger Band at around $1.90. However, if the price fails to hold above this middle band, it may face further consolidation or a pullback toward the lower band around $1.25.

A descending triangle emerged between late July and August, characterized by steadily declining highs and a firm support level. This formation typically hints at a potential bearish breakout, especially if the price breaches the established support line.

WIF’s recent price surge aligns with a broader uptick in the meme coin market, which has increased by 5.7%, reaching a total valuation of $40.6 billion over the past 24 hours. Alongside WIF, other notable meme coins like Pepe, Bonk, and Brett have also seen gains, rising by 5.7%, 6.6%, and 4.3%, respectively.

The global crypto market has also experienced a 1% surge, bringing it to a total valuation of $2.16 trillion. Bitcoin is also in the green, up 2.1%, and is currently trading at $58,895.

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