WIF price is on track to beat a personal record after rising for six consecutive days. Dogwifhat, the biggest meme coin on Solana, jumped to a high of $4.82, its highest level since March 31st of this year. It has surged by over 303% from its lowest level in August.
WIF price jumps amid whale activity
Dogwifhat token price gained steam as some whales continued to accumulate the coin amid the ongoing meme coin bull run and whale activity.
Data shows that one whale spent 12,400 SOL tokens to buy 406k WIF tokens at $3.87 each. He also spent about $1.13 million to buy 29.32 billion BONK tokens at $0.0000387 each.
There are signs that this whale activity will continue in the coming weeks as investors take advantage of the ongoing crypto bull run. The number of WIF holders has been fairly stable in the past few weeks. The token has 188.8k holders, where they have been in the past 30 days.
Dogwif’s surge has coincided with the increase in its futures open interest. Data by CoinGlass shows that the amount has jumped to over $736 million, a record high. Futures open interest is usually a sign that there is demand among traders.
At the same time, the amount of liquidations have jumped to an all-time high. Data shows that the amount of shorts liquidations jumped to over $6.3 million on Wednesday. Shorts liquidations happen when trades initiated by short sellers are closed by brokers to prevent more losses.
Dogwifhat price forecast
The daily chart shows that the WIF price has done well in the past few days. It has crossed the important resistance level at $2.95, its highest swing on October 14 and July 2022. It has also moved above the 50-day and 25-day Exponential Moving Averages (EMA).
Most importantly, WIF has formed a cup and handle pattern, which is a popular bullish sign. This pattern is characterized by a rounded bottom followed by some consolidation, leading to a strong bullish breakout. Bitcoin was forming this pattern before its ongoing breakout.
Oscillators like the Relative Strength Index (RSI) and the MACD have continued pointing upward. However, the Market Value to Realized Value (MVRV) indicator has moved to 8, which is a sign that the market value is higher than the realized value, suggesting that most holders are at a profit. This could be a sign of a potential pullback.
The most likely scenario for the Dogwifhat price is where it jumps to $5, its all-time high. After that, it will increase the chance of it roaring back to $10.
