|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
WIF Price Prediction: Will the Dogwifhat Token Continue to Rise?
Sep 20, 2024 at 01:39 pm
Dogwifhat (WIF), a meme-coin, has shown significant optimism recently. WIF price grew 15% intraday alongside Bitcoin's (BTC) rise due to the Fed rate cut.
Meme-coin Dogwifhat (WIF) price showed optimism on September 18th, as it rose by 15% intraday. This surge was triggered by the US Federal Reserve’s decision to cut interest rates by 50 basis points, which was higher than the anticipated 25-basis point cut and boosted demand for Bitcoin (BTC).
As the dominant market leader with a 57.2% market cap dominance, BTC’s price movements often set the trend for other cryptocurrencies. When Bitcoin shows significant momentum, both high-cap and low-cap coins tend to follow suit.
The recent rate cut has sparked optimism across the crypto market, leading to intraday gains for the top 100 cryptocurrencies, including WIF. The Fed’s surprise 50bps rate cut has driven Bitcoin’s price up, increasing investor optimism this September. With BTC pushing past $62,000, investors are now targeting $65,000 in the short term.
This bullish sentiment in BTC could drive the dogwifhat price higher, pushing it towards the 200-day EMA in the near-term.
The recent surge in WIF’s price led to a 15% increase in its market cap, which soared to $1.722 Billion. It boosted its rank to 49 (CoinMarketCap intraday).
Per our WIF price analysis, the spot volume inflow also drew significant attention. Following the Fed news, the asset displayed a 110.48% rise in 24-hour volume, reaching $448.93 Million. This increased demand highlighted the significant liquidity pumped into WIF, pushing its price beyond dynamic EMA hurdles.
The intraday market cap-to-volume ratio was around 26%, indicating a strong bullish presence. This surge could signal growing interest for the growth to come in the upcoming sessions.
According to Coinglass, the derivatives market for WIF crypto has shown optimism, mirroring the spot market’s performance.
In the past 24 hours, derivatives volume surged by an impressive 118.28%, bringing the total traded value to $1.28 Billion. This surge indicates a growing demand for WIF in the derivatives market.
Similarly, WIF’s open interest has climbed to $232.13 million, marking a 16.16% increase from the previous session. The 24-hour long/short ratio stood at 0.9885, indicating dominance of short positions over long ones.
WIF crypto’s OI-weighted funding rates have shown a decrease in bearish sentiment, climbing to a positive 0.0068% in the past 48 hours. This shift signals growing market optimism for a rise in WIF’s price.
Additionally, $964.71K worth of short positions were liquidated, compared to $653.41K in long positions liquidated intraday. This scenario suggests a positive outlook for WIF crypto in the market.
These metrics highlight a strong bullish sentiment for WIF crypto, confirming the recent intraday price surge. The increase in open contracts and higher short-side liquidations suggest that WIF’s price could continue to rise.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- BingX Exchange Confirms $26M Hack, Promises Full Compensation
- Sep 20, 2024 at 04:25 pm
- The latest cryptocurrency exchange hit by hacking was confirmed to be BingX based in Singapore where it initially lost $26 million due to hacking.
-
- Surfy Integrates XRP Into Its Services, Allowing Users to Make Payments Using the Native Token
- Sep 20, 2024 at 04:25 pm
- This development is seen as a significant step forward in expanding the utility of the XRP Ledger, especially in real-world transactions involving physical assets.
-
- Avalanche (AVAX) Price Action Heats Up as 48% of Holders Profit, Market Dominance Expands
- Sep 20, 2024 at 04:25 pm
- Avalanche (AVAX) price has experienced significant market activity, with 48% of its holders in profit and strong investor interest driving bullish sentiment.
-
- Solana (SOL) and Ethereum (ETH) Dominate Altcoin Space, Will This Transpire into Bullish Q4 Momentum?
- Sep 20, 2024 at 04:25 pm
- Both Ethereum (ETH) and Solana (SOL) have dominated much of the past 7 years in the altcoin space. While these platforms are hotbeds for developer activity, will it be enough to transpire into bullish Q4 momentum?
-
- XRP Whales Accumulate 380 Million Tokens in 10 Days as Price Nears All-Time High
- Sep 20, 2024 at 04:25 pm
- Over the past few days, prominent investors have been increasingly betting on XRP, loading up on the token with their holdings near an all-time high.
-
- Solana (SOL) Price Predictions: Analysts Project $500 and Even $1,000 Targets
- Sep 20, 2024 at 04:25 pm
- Market analysts have projected that Solana could reach significant price targets, with some predicting it may hit $500 and even $1,000.
-
- Terraform Labs Receives Court Approval to Wind Down Operations in Bankruptcy
- Sep 20, 2024 at 04:25 pm
- Korean cryptocurrency entrepreneur, co-founder of Terraform Labs (Terra Luna), Do Kwon, left, is taken to court in Podgorica, May 11, 2023, following his arrest, March 24, at the Montenegrin capital's international airport.
-
- Popcat (POPCAT) and GoodEgg (GEGG) Emerge as Potential Meme Coin Powerhouses to Watch in 2024
- Sep 20, 2024 at 04:20 pm
- In the ever-evolving world of cryptocurrencies, meme coins continue to capture the public's imagination. As we look toward 2024, two names are emerging as potential powerhouses: Popcat (POPCAT) and GoodEgg (GEGG).
-
- Cryptocurrency Sector Experiences Significant Liquidations as Bitcoin and Other Digital Assets Continue to Show Volatility
- Sep 20, 2024 at 04:20 pm
- Following news of the US Federal Reserve's decision to cut back on interest rates, Bitcoin made a considerable recovery, climbing above the $63,000 mark.