Dogwifhat (WIF) surges 133% in a month, driven by whale purchases and bullish sentiment

Dogwifhat (WIF), the fourth largest Solana memecoin, has experienced a significant surge, increasing by 133% over the past month. This rally has propelled the coin from approximately $0.35 to around $0.88, breaking out of its multi-month accumulation zone of $0.35–$0.50 in early April 2025. A key catalyst for this surge was a substantial whale purchase of 2.7 million WIF, valued at approximately $2.3 million at the time of the transaction.

On-chain data from CoinGlass reveals a notable increase in WIF's Open Interest, rising from around $120 million to $270 million by May 9, 2025. This surge in Open Interest, coupled with a doubling of daily trading volume from approximately $400 million to $900 million, indicates strong market depth and bullish sentiment. Whale outflows peaked at -$4.70 million on April 28, confirming accumulation, while a recent inflow of +$2.83 million on May 9 hints at potential profit-taking.

Technical analysis supports the bullish outlook for WIF. The coin is currently trading above its 50-day Simple Moving Average (SMA), and the expanding Bollinger Bands suggest increased volatility and trend momentum. However, the Relative Strength Index (RSI) is at approximately 78, indicating overbought conditions and potential short-term cooling. Traders are now eyeing the $1.00 resistance level, with the potential to test $1.50 if the momentum holds.

Analysts maintain a cautiously bullish outlook for WIF, provided that support at $0.70–$0.85 holds. The recent inflow hints at potential profit-taking, but the overall on-chain data and technical indicators suggest that WIF has the potential to reach $1.50 within the next 1–2 weeks. Traders should watch for short-term pullbacks near $1.00 before any sustained breakout.