Dog-themed meme coin Dogwifhat WIF/USD continued its upward march Monday, leaving market heavyweights tracking.
What occurred: The Solana SOL/USD– based token increased over 5% to end up being the second-biggest cryptocurrency gainer over the last 24 hr. Its trading volume popped 176% to $1.64 billion, making it among the most traded meme coins in the 24-hour duration.
WIF defied the pullback in blue-chip currencies like Bitcoin BTC/USD and Dogecoin DOGE/USD, which fell 1.88% and 6.51%, respectively.
Significantly, the memecoin’s Open Interest moved 2.34% in the last 24 hr, according to Coinglass. Usually, a decrease in Open Interest integrated with a rate boost indicates that shorts were covering their positions.
Additionally, over 70% of Binance traders with open WIF positions were long since this writing, signaling that the rally would sustain.
Disclosure: 82% of retail CFD accounts lose cash
See Likewise: Expense Gates Left By Satoshi Nakamoto: Bitcoin Developer’s Wealth Now Eclipses That Of Microsoft Co-Founder Amidst Crypto’s Sharp Rebound
On The Other Hand, the Relative Strength Index, utilized to figure out if the possession is overbought or oversold, flashed a “Offer” signal for the coin, according to TradingView. To the contrary, the Moving Typical Merging Divergence, which compares 2 rapid moving averages of cost, created a “Buy.”
Rate Action: At the time of composing, WIF was exchanging hands at $1.09, up 5.12% in the last 24 hr, according to information from Benzinga Pro. Year-to-date, the coin has actually lost 41.26%.
Picture Courtesy: Akif CUBUK On Shutterstock.com
Read Next:
Market News and Data gave you by Benzinga APIs