Dogwifhat (WIF) Soars 22% as Whale Buy and Short Squeeze Boost Price

Dogwifhat (WIF), a meme coin on the Solana blockchain, has seen a sharp price increase in the past 24 hours, climbing to $1.26. 

The cryptocurrency recorded a 22.44% gain during this period, despite experiencing a 16.29% decline over the past week. With a circulating supply of 1 billion WIF, the meme coin’s market capitalization now stands at approximately $1.17 billion.

Whale Activity Sparks Buying Interest

The price surge comes after a well-known crypto investor, identified as Ansem, purchased 915,828 WIF tokens for $1.2 million USDC. This transaction marks Ansem’s first crypto purchase after a three-month break. 

The wallet, according to blockchain data from Lookonchain, still holds $7.6 million in USDC, along with other assets such as $3.5 million in PUMPKIN and $207,000 in GoFundMeme.

Large purchases from influential investors often create momentum in the market, as seen with WIF’s price rebound. Traders reacted positively to this development, leading to increased trading volume and renewed interest in the meme coin.

Short Liquidations Fuel Uptrend

Short sellers who bet against WIF faced forced liquidations, contributing to the upward price movement. $2 million in short positions were closed, which intensified buying pressure and helped WIF reclaim the $1 level.

According to Coinglass, WIF’s liquidation heatmap indicates that the next key resistance level is at $1.37. If the price reaches this point, additional short liquidations could further drive the uptrend. 

On the downside, a drop to $1.26 could trigger long liquidations, while a fall below $1 may lead to steeper declines due to a large concentration of liquidations at $0.97.

Community-Backed Promotion Adds to Momentum

WIF’s recent rise coincides with an upcoming marketing campaign on the Las Vegas Sphere. The meme coin’s community has widely celebrated the announcement, further strengthening market sentiment. 

The promotional event aims to bring more visibility to WIF, potentially attracting new investors.

Meanwhile, technical indicators suggest mixed signals. The Relative Strength Index (RSI) stands at 39.99, indicating that the market is still under bearish control. 

However, the altcoin’s recent rebound from oversold conditions suggests that traders may be positioning for further upside movement.

WIF Outperforms Other Meme Coins

Despite the broader Solana ecosystem experiencing a 2.82% decline, WIF has managed to move in the opposite direction. Other leading meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), have also seen similar price increases.

DOGE traded 2.3% up at $0.3325 at press time, while SHIB is up 1.8% at $0.00001872. PEPE has also risen 6.3% to $0.00001305. WIF’s recent surge has positioned it as the top-performing asset among meme coins in the past 24 hours.

Traders and investors will be closely watching whether WIF can maintain its upward momentum or face selling pressure at key resistance levels.

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