Dogwifhat (WIF), the largest memecoin on Solana by market capitalization, has experienced an impressive rally over the past month. Since hitting a low of $1.40 on 6 September, WIF has surged by 112%, reaching a four-month high of $2.97 on 16 October. Currently, WIF is trading at $2.63, up 76% over the last 30 days, according to TradingView data.
Memecoins on the Rise
WIF’s strong performance coincides with rallies across other top memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), which saw gains of 23%, 9.8%, and 9.2%, respectively, over the past week. Notably, WIF has outperformed its peers, posting a 30-day return of 76%, far exceeding DOGE’s 34% and SHIB’s 43%.
Year-to-date, WIF has delivered a remarkable 1,392% return, making it one of the best-performing memecoins of 2024. Only Turbo (TURBO), a memecoin coded by ChatGPT, has seen higher gains, with a 4,570% surge.
Rising Open Interest Supports Bullish Momentum
One key factor driving WIF’s price rise is the increase in open interest (OI) on futures exchanges. Between 4 and 15 October, WIF’s total OI surged by 50%, from $322.2 million to $480.2 million, indicating growing interest from traders.
CoinGlass data also shows rising demand for leveraged long positions, with WIF’s OI-weighted futures funding rate climbing to 0.0068% over eight hours. This trend reflects bullish sentiment among futures traders, who expect further price increases.
WIF Price Eyes $3 and Beyond
From a technical standpoint, WIF’s price has been forming higher highs and higher lows since September, creating an ascending parallel channel on the daily chart. The $2.50 support level has held firm, and the rising Relative Strength Index (RSI) at 59 suggests continued bullish momentum.
If buying pressure persists, WIF could rise to challenge the middle boundary of the channel at $2.91. A further breakout could see WIF reach $3.42, representing a 28% gain from current levels. However, a dip below $2.50 would put long positions at risk of liquidation.
