Memecoin sensation Dogwifhat [WIF] has staged a notable comeback, rallying 13.69% from its recent bottom of $0.82 to reach a monthly high of $0.982, before slightly retracing to $0.968 at press time. This surge has pushed the memecoin's market capitalization to $978 million, marking a 14.2% increase, while its 24-hour trading volume more than doubled to $500 million, indicating a significant influx of capital.
Buyers Make a Decisive Return
After a period of dormancy, Dogwifhat investors have re-entered the market with considerable force. For the first time in over a month, WIF has recorded three consecutive days of a positive Buy-Sell Delta. On July 10th, WIF saw 17.3 million in Buy Volume against 16 million in Sell Volume, according to Coinalyze data.
Over the past three days, the memecoin has accumulated a total of 91.79 million in Buy Volume, significantly outpacing the $89.52 million in Sell Volume during the same period. This resulted in a positive Buy-Sell Delta of 2.27 million, a clear sign that buyers are currently dominating the market, exerting strong upward pressure. Historically, such sustained buying pressure has often preceded further price appreciation.
Futures Traders Chase the Rally
Investors in Dogwifhat's futures market are also aggressively positioning themselves in anticipation of WIF's next move. Santiment data reveals that WIF’s Funding Rate Aggregated by Exchange turned positive again, registering 0.005 on July 10th. A positive funding rate indicates that long positions are paying short positions, suggesting a higher demand for longs and a market sentiment betting on continued price increases.
Profit-Takers Enter the Fray
WIF’s ascent to a monthly high provided a prime opportunity for underwater investors to realize gains. Data from CoinGlass shows that Exchange Netflow spiked to $2.73 million during the rally, signaling a wave of profit-taking. While Netflow has since dropped to $531.6K at press time, confirming the initial rush of selling, such profit-taking activity can often temper a nascent rally due to increased selling pressure.
Dogwifhat at a Crossroads
At the time of writing, WIF’s Moving Average Convergence Divergence (MACD) has climbed to 0.016, indicating strong bullish momentum and suggesting the potential for the rally to continue. This rising indicator points to WIF establishing higher highs as buyers maintain control of the market.
If the current accumulation trend persists, Dogwifhat could potentially flip the $1 resistance level into support and target a move towards $1.18. However, the presence of profit-taking activity presents a potential headwind. Should profit-taking intensify, a pullback toward the $0.84 level may become unavoidable. The coming days will be crucial in determining whether buyer dominance can overcome selling pressure to sustain WIF's upward trajectory.
July 2025, Cryptoniteuae