The six-month-old dog-themed meme coin, dogwifhat (WIF), has gained bullish momentum after a month of constant declines.
WIF is up by 23.7% in the past 24 hours and is trading at $1.89 at the time of writing. This is the first bullish momentum for the meme coin after almost a month of consecutive declines. On May 29, the asset reached a two-month high of $4.06 and recorded a 39% plunge over the past 30 days.
Following the notable decline in its price, WIF’s market cap fell to $1.54 billion on June 24. The meme coin’s market cap is currently standing at $1.88 billion, making it the 50th-largest digital currency.
Moreover, WIF’s daily trading volume increased by 114%, surpassing the $700 million mark.
According to data provided by Santiment, the surge in the dogwifhat price comes as investors discuss potential buying opportunities. Data shows that the social activity around the meme coin increased by 78% in the past 24 hours.
Per Santiment, the WIF total open interest surged from $191 million to $201 million over the past day.
The total funding rate aggregated by WIF, however, has been steadily sitting around the 0.007% mark since June 20. The $10 million increase in the token’s open interest shows that new trading positions majorly consist of longs and traders are slightly bullish on its price hike.
Data from the market intelligence platform shows that the WIF relative strength index (RSI) rose from 24 to 34 over the past day. The indicator shows that the dog-themed meme coin’s value is still in good condition for a potential price surge.
