Dogwifhat Futures Open Interest Rises Amid Price Reversal Hopes
Dogwifhat (WIF), a memecoin based in Solana, is seeing an increase in futures trades, and analysts have noted a possible reversal pattern since it is currently trading 66% below its all-time high from March. According to CoinGlass statistics, since August 31, Dogwifhat open interest (OI), or the total number of Dogwifhat futures contracts that have not yet been resolved or expired, has climbed by 16% to $231.48 million.
According to CoinMarketCap data, the price of WIF has decreased by 17% since August 25 to $1.58 as of this writing, staying below $1.90 for a period of 10 days. Because of the price stagnation, some traders think the price is due for a comeback back up to $2.40, a level it hasn’t achieved since July 30.
Perfect channel retest on $WIF. Nobody is ready for the V reversal that’s about to happen,
WIF Price Plummets 66% Since March Peak, Altcoin Season Delayed by Speculation
As of March 31, the asset’s value has decreased by over 66% from its peak of $4.70. Analysts were calling for the asset’s price to double at that point in an optimistic manner. A Kickstarter attempt to have a Dogwifhat mascot appear on the Las Vegas sphere was launched around the time WIF’s prices reached their peak in March. Although nearly $700,000 was raised, it hasn’t happened yet, but the organizers are still optimistic that it will still happen.
Altcoins haven’t yet experienced the anticipated rally, despite the year beginning on a positive note. A recent crypto analyst claimed that because novice traders raced to purchase the most speculative assets too quickly, the altcoin season won’t play out as planned.
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