Dogwifhat Memecoin Surges 22% Amid Crypto Market Recovery

Dogwifhat, a popular memecoin, experienced a significant surge in value, jumping over 21% in the last 24 hours, breaking out of its month-long downtrend. The coin rebounded from its low of $0.63, closing at $0.8325 on the 23rd of June after holding the $0.60 support level. This rebound was marked by a sharp increase in price and volume, with WIF trading at $0.8607 at the time of writing, representing a 22% increase in a single day.

The recent uptick in WIF's value signals a shift in market sentiment and newfound demand amid a wider crypto market recovery. As the market began to recover, buyers entered the market to capitalize on the dip, resulting in higher buying pressure. This was evidenced by a Buy Volume of $67.89 million on the 23rd of June, against a Sell Volume of $61.75 million, resulting in a positive Delta of $6.14 million, the first such uptick in a week. A positive Delta and higher buy volume reflect strong demand, with buyers taking control of the market.

This narrative is further supported by the Exchange Netflow data, which flipped negative by -$1.13 million, confirming that more WIF was withdrawn than deposited. This is a classic sign of accumulation, indicating that investors are holding onto their WIF rather than selling it. Additionally, WIF’s Open Interest soared 33.3% to hit $333 million, suggesting new capital flowing in to support the trend. The positioning in futures markets also suggests bullish conviction, with a positive Funding Rate indicating that investors are mostly going long. Over 70% of positions are long, implying that most investors anticipate more gains.

Technical indicators also point to growing upside momentum among traders. The Relative Strength Index (RSI) climbed to 50.91, crossing over its 14-day average, indicating that buyers have the upper hand in the market. The Stochastic RSI saw a sharper bounce, rising from 24.68 to 53.20 over 48 hours, suggesting that a strong momentum to the upside is building and could continue. If momentum holds and buy-side interest sustains, WIF could revisit the $1 mark this week. However, failure to break $0.86 cleanly could cause a pullback toward $0.79, its most recent support zone.