Memecoin enthusiasts are buzzing as the meme-themed token Dogwifhat (WIF) demonstrates a robust recovery. This follows a minor setback when it lost over 60% of its value in July and August 2024, hitting a low of $1.0. However, WIF has staged an impressive comeback, regaining 65% of its lost value during a recent upturn in the market, to nearly reach $2.
This revival in WIF’s fortunes is not isolated. Recent information demonstrates that memecoin interest is once again reaching peak levels. This resurgence in popularity sparked a dialogue on whether this renewed fascination in memecoins will further fuel WIF’s recovery.
In the Future market, WIF ranked third in terms of Open Interest (OI) at the time of reporting, according to a study by AMBCrypto. Data from Coinglass revealed that WIF’s OI stood at $251 million, signaling the third-largest liquidity influx among memecoins.
These figures translate to bullish sentiment among WIF speculators in the futures market, suggesting that WIF could benefit from an overall surge in meme coin interest.
Nevertheless, the overall sentiment in the spot market remained relatively neutral despite the somewhat positive outlook in the derivatives market. Referencing Santiment data, an evaluation indicated that WIF’s price could fluctuate in any direction.
Tags: Dogwifhat (WIF), memecoins, crypto market trends.