🧢 Dogwifhat Breaks Free — Eyes 80% Surge to $1.80 as Meme Coins Ignite!
Solana meme coin Dogwifhat continues its climb after touching $0.92.
Pepe, TRUMP, and Bonk meme coins continue to rise, mirroring market sentiment.
Open interest and trading volume rise, indicating trader interest.
Bull flags indicate a significant breakthrough to $1.80 for WIF.
On Wednesday, Dogwifhat (WIF) traded at $1.00, reversing the trend upward. After a rejection from the supply-rich zone around $1.31 on May 12, the Solana-based meme currency tested support at $0.92. WIF's futures market shows rising Open Interest (OI) and trading volume, indicating investor interest that might support the price.
Dogecoin (DOGE), the largest meme currency by market capitalization, maintained 3.5% increases over the previous 24 hours. Also in the green is Shiba Inu (SHIB), up 2.4%.
At 10% and 8%, Pepe (PEPE) and Official Trump (TRUMP) saw the biggest gains compared to DOGE and SHIB.
Meme coins have $75 billion in market share behind Decentralised Finance Sector (DeFi) tokens with $115 billion in total market value.
According to CoinGlass statistics, Dogwifhat futures market Open Interest has increased by over 10% in the previous 24 hours to $408 million.
OI reflects unresolved contracts like futures and options. With WIF's near 10% rise to $1.73 billion, OI and trading volume indicate trader interest, new money, and increased involvement.
The jump in short position liquidations to $1.44 million compared to longs at $996,000 over the previous 24 hours indicates high market volatility, with bearish traders losing more when WIF's price rises over $1.00.
Dogwifhat's price is just over $1.00 after breaking above the bull flag formation on the four-hour chart below. WIF broke out after testing support at $0.92, barely below its 50-day Exponential Moving Average (EMA) support at $0.98.
Measure half the flagpole height and extrapolate higher from the breakout point to achieve the 80% breakout objective to $1.80.
