Dogwifhat ($WIF) Surges 8.2% to $1.12 on Bullish Indicators

Dogwifhat ($WIF), a Solana-based meme coin, has recently gained significant attention due to its surge in value. The token's price has rebounded to $1.12, marking an 8.2% increase in the last 24 hours. This upward momentum is supported by a market cap of $1.1 billion and a 24-hour volume of $664 million. The bullish indicators, including whale accumulation and a validator partnership, suggest a potential breakout for $WIF.

Launched in 2023, $WIF quickly gained traction in the meme coin space due to its strong community and high trading volume. After experiencing a dip from late 2024 to early 2025, $WIF is now showing strong upward momentum and approaching a potential breakout zone. In early July, over $39 million worth of $WIF tokens were accumulated by large holders, indicating strong confidence in the token's future. This trend mirrors the growing optimism that $WIF may soon break key resistance zones and target new highs.

Adding to the bullish narrative, DeFi Dev Corp partnered on June 24 to launch a dedicated $WIF validator on Solana. This move allows $WIF holders to earn staking rewards, introducing an actual DeFi use case for what was once considered just another meme coin. In February, an on-chain wallet withdrew 14 million $WIF (over $15 million) from Binance for vesting purposes, pointing to structured, long-term token management, often a sign of healthy project fundamentals.

Another major catalyst is the emergence of WIFStrategy, an institutional-grade move to bridge professional, institutional participation in the $WIF ecosystem. The presence of WIFStrategy reinforces the idea that Dogwifhat is transitioning from a meme coin to a multifaceted digital asset. With over 108,000 on-chain holders and a steadily growing ecosystem, $WIF is evolving from meme status to a hybrid of culture and utility. Analysts are watching closely as the token approaches $1.10, many eyeing an ATH break of $6 or beyond.

On the hourly price chart, $WIF has been tracing a steady recovery since breaking out from below $0.90 levels earlier in the week. The price action has formed a clear series of higher lows and higher highs, pushing into an ascending channel that has carried it toward the $1.10–$1.12 region. Each upward leg has been driven by expanding volume, while pullbacks have seen lighter turnover, a sign of dip absorption rather than broad-based selling. The most recent rally touched $1.1197 before supply emerged, leaving upper wicks and indicating that sellers are actively defending that zone.

The structure remains intact above prior pivot supports around $1.04 and $1.00, areas that now serve as key bases in the trend. The intraday volume footprint adds clarity to this behavior. Bars with heavy positive delta, such as a 799.55K delta with over 16.1 million in buying versus 15.3 million in selling, show where aggressive buyers stepped in and drove the asset’s price higher. Another strong footprint reading at 1.01 million positive delta shows continued buying interest. However, the chart also displays moments of resistance, including a –400.91K delta bar, where sellers absorbed demand and capped the move.

The back-and-forth between strong buying and strong selling in the footprint lines up with the areas on the price chart where price paused or struggled, such as around $1.12 resistance and the $1.08–$1.09 pullback zones. The data from Coinglass on derivatives ties this together. Open interest jumped by over 14% to $508 million, while long/short ratios skewed firmly long, particularly on Binance, where top traders show a 2.1573 ratio, which is a clear bullish position. Liquidation metrics show more pressure on shorts, with $1.59 million liquidated compared to $945K on longs, indicating bullish positioning has so far been rewarded. That bullish tilt, however, also makes the market sensitive to failure at resistance, as crowded longs can unwind quickly.

If buyers manage to sustain momentum and push through the $1.12 barrier on strong volume and positive delta footprints, a breakout toward $1.15–$1.18 becomes likely. Should price instead lose grip on $1.04 support with selling pressure accelerating in the footprint, it would indicate a breakdown and open the door for a deeper retracement toward $1.00 or below. The $1.12 resistance and $1.04 support now define the key levels that will decide the next decisive move.