Dogwifhat (WIF) has outperformed other dog-themed memecoins, including FLOKI, BONK, and DOGE, with gains of over 16% on the second consecutive day of bullish sentiment. The token's daily volume increased by 67% to over $86 million, topping the list for top gainers on Binance's spot market for USDT pairs. Only Pepe (PEPE) came close among memecoins, while Shiba Inu (SHIB) failed to record double-digit gains.
Market Analysis
Both spot and futures whales were buying the token, with the average order size indicating that big players dominated trading activity. This resulted in trading volume increasing, as shown by the Spot Volume Bubble Map, which indicated overheating activity after a period of neutrality.
Technical Outlook
The price action had flipped all SMAs in the Ma Ribbon except the 200-day one, with the 20-day, 50-day, and 100-day SMAs turned into support. However, the 200-day SMA at the $0.1802 zone remains a hurdle against a long-term uptrend. Once WIF flips the 200-day SMA into support, it puts the $0.28-$0.30 price range into focus, with the RSI reading of 73 indicating aggressive buying activity. Despite overbought conditions, the Spent Output Profit Ratio (SOPR) is below 1, mitigating immediate selling pressure as most traders are still in losses.
