dogwifhat rises 12%: Is $3.7 the next stop for this memecoin?

• Market sentiment around dogwifhat turned bullish in the last few days. 
• Most metrics hinted at a continued price rise. 

CoinMarketCap’s data revealed that the bears controlled dogwifhat’s [WIF] price last week as its value plummeted by over 9%. However, things took a U-turn in the last 24 hours, as dogwifhat’s price surged by more than 12%.

At the time of writing, WIF was trading at $1.59 with a market capitalization of over $1.5 billion, making it the 49th-largest crypto.

The good news was that the memecoin’s trading volume surged by 55% while its price increased. Generally, a rise in volume amidst a price increase acts as a foundation for a bull rally.

Apart from that, the price increase also had a positive impact on the memecoin’s social metrics. For example, its Weight Sentiment increased. This meant that bullish sentiment around dogwifhat increased.

Additionally, its Social Volume spiked, reflecting a rise in its popularity.

Source: Santiment

WIF price prediction 

AMBCrypto then assessed dogwifhat’s on-chain data to find whether metrics hinted at a price increase. As per our analysis of Santiment’s data, WIF’s Funding Rate dropped.

Usually, prices tend to move the other way than the Funding Rate. Moreover, after a slight decline, WIF’s Open Interest increased, indicating that the chances of the bullish price trend continuing were high.

Source: Santiment

Coinglass’ data revealed yet another bullish signal. The memecoin’s long/short ratio registered an uptick. This meant that there are more long positions in the market than short positions — a bullish signal.

The technical indicator MACD suggested that the bulls and the bears were in a tussle with each other.

But the Chaikin Money Flow (CMF) indicated that the bulls might be victorious as the graph moved northward. If the bulls continue to dominate, then investors might witness WIF first target $1.97.

A successful breakout above that level might allow WIF to reclaim $2.8. In the event of a jump above that mark, then dogwifhat might target $3.7 in the coming weeks. 

Source: TradingView

Realistic or not, here’s WIF’s market cap in BTC’s terms  

While WIF gained bullish momentum, other Solana [SOL]-based memecoins were also not left behind. For instance, BONK’s price increased by more than 5%. At press time, it was trading at $0.00001752.

POPCAT, one of the latest additions to SOL’s flourishing meme ecosystem, also witnessed a 9% price rise. At the time of writing, POPCAT was trading at $0.5981.