The memecoin market has seen a spark of excitement, driven largely by animal-themed options with dogs and cats taking center stage. Among these, ‘dogwifhat’ (WIF) has emerged with spectacular advances in recent weeks, outperforming its competitors and recording a remarkable surge of over 20% in just seven days.
Data from CoinMarketCap reveals that this flourishing trend has allowed dogwifhat to take the fourth place among memecoins based on market capitalization, measured at over $2.2 billion at the time of writing. While showing signs of volatility with slight declines in the past 24 hours, it remains an influential player in the crypto space.
The 24-hour trading volume for dogwifhat bears testament to its appeal among traders and its dynamic community, clocking in at over $412 million, just behind Pepe (PEPE), which reported a slightly higher volume of over $449 million. It could wrap up the week as one of the top performers, if it sustains more gains than losses.
Analysis of dogwifhat’s performance reveals an encouraging pattern of gains outweighing losses in recent days. Its closing price on June 1st was over $2.27, marking yet another day of gains. This continued growth could suggest a positive short-term trend for the memecoin.
Despite some minor falls, dogwifhat has shown resilience by maintaining an average trading price around the $2.2 mark, indicating some degree of price stability. The memecoin’s Relative Strength Index (RSI) just beneath the neutral line of 50 suggests that it’s currently on a bear trend, albeit a weakening one.