Dogwifhat Surges 13.69% Boosting Market Cap 14.2%

Dogwifhat, a memecoin, experienced a significant surge of 13.69%, reaching a monthly high of $0.982 before retracing to $0.968. This price increase boosted the memecoin’s market capitalization to $978 million, marking a 14.2% increase. The surge in price was accompanied by a spike in trading volume, indicating increased capital flow into the memecoin.

Investors in dogwifhat have shown a strong return to the market, with the memecoin recording three consecutive days of a positive Buy-Sell Delta for the first time in over a month. According to Coinalyze, on the 10th of July, WIF saw 17.3 million in Buy Volume compared to 16 million in Sell Volume. Over the past three days, the memecoin has recorded a cumulative total of 91.79 million in Buy volume, while seeing $89.52 million in Sell Volume. This resulted in a positive Buy-Sell Delta of 2.27 million, indicating that buyers are dominating the market and outpacing sellers. Historically, such market conditions have preceded higher prices as upward pressure on the asset intensifies.

Investors have been aggressively positioning themselves in dogwifhat’s futures market, awaiting the next move. According to Santiment data, WIF’s Funding Rate Aggregated by Exchange turned positive again on the 10th of July, with a Funding Rate of 0.005. This metric turning positive indicates that investors are taking long positions, suggesting that investors are betting on prices to continue rising.

WIF’s surge to a monthly high offered underwater investors a chance to take profits. CoinGlass data shows Exchange Netflow spiked to $2.73 million during the rally, signaling heavy selling. At press time, Netflow has dropped to $531.6K, confirming a wave of profit-taking activity. Typically, when investors turn to profit-taking during a trend shift, it tends to derail a potential rally due to high selling pressure.

According to AMBCrypto’s analysis, WIF saw a strong price upsurge as buyers returned with strength. At the time of writing, WIF’s MACD climbed to 0.016, signaling strong bullish momentum and a potential continuation of the rally. This rising indicator suggests WIF is posting higher highs as buyers dominate the market. If accumulation continues, the token could flip the $1 resistance into support and aim for $1.18. However, if profit-taking intensifies, a pullback toward $0.84 may be unavoidable.