💥🚀Dogwifhat (WIF) hits new monthly high after 40% price rally

🚀 Dogwifhat Surge: Solana memecoin Dogwifhat (WIF) reenters the top 50 cryptocurrencies by market cap with a 41.44% rise this week. Trading at $2.33, up 10% in 24 hours.

📉 Memecoin Market: The overall memecoin market cap is down 5.3%, with top memecoins posting losses. Dogwifhat is the fourth largest memecoin, below Pepe, which has nearly twice WIF’s market cap at $4.87 billion.

📊 Analyst Insight: Altcoin Sharper notes that WIF at $2.36 could move to $2.40-$3.00 if it breaks $2.50. Futures traders are cautious, with Open Interest dropping 4.1% to $284.32 million in 48 hours.

⚠️ Potential Correction: A 3% drop to $2.235 could wipe out $7.87 million in long positions.

🎉 Positive Sentiment: Despite corrections, sentiment around memecoins remains positive, with high returns of 1,312% on average in 2024, according to CoinGecko.