Solana-based memecoin WIF surges 48% to hit $1 – Can it flip PEPE?

• WIF now trades at an all-time excessive following crypto trade itemizing.
• Alternatively, SOL has did not see any positive factors within the final 24 hours.

Solana-based memecoin Dogwifhat [WIF] has seen a outstanding surge prior to now 24 hours, skyrocketing 35% to achieve a brand new all-time excessive, in response to information from CoinMarketCap. This rally follows information of the token’s listing on cryptocurrency trade Robinhood Europe.

At press time, WIF exchanged arms at $1.24, logging a 312% value progress within the final week to rank because the crypto asset with probably the most positive factors in the course of the seven-day interval.

Supply: CoinMarketCap

Per CoinMarketCap, the memecoin market has witnessed a major improve in exercise prior to now 24 hours.

With a 50% uptick in buying and selling quantity, the memecoin market capitalization has risen by 30% throughout that interval. It’s now the fifth largest memecoin.

The costs of main meme property similar to Dogecoin [DOGE], Pepe [PEPE], Shiba Inu [SHIB], and Bonk [BONK] have all gone up by 18%, 52%, 59%, and 5%, respectively, within the final 24 hours.

WIF bulls keep on

Following WIF’s itemizing on Robinhood Europe and the attendant surge in value, the token’s day by day buying and selling quantity throughout exchanges climbed to an all-time excessive on 1st March.

Based on information from Santiment, WIF’s day by day buying and selling quantity on exchanges on that day totaled $380 million.

Supply: Santiment

Confirming the surge in demand for the memecoin, its momentum indicators assessed on a 24-hour chart had been noticed at overbought highs as of this writing. For instance, its Relative Energy Index (RSI) and Cash Movement Index (MFI) returned values of 82.54 and 85.38.

Though these values usually mark the onset of consumers’ exhaustion, the uptrend in WIF’s Chaikin Cash Movement (CMF) confirmed that the spot market continues to see liquidity influx. WIF’s CMF was in an uptrend and returned a price of 0.25 at press time.

This CMF worth confirmed that there was vital capital influx into the WIF market, which might help maintain the value rally within the quick time period if bullish sentiment holds.

Additional, readings from the memecoin’s Parabolic SAR (Cease and Reverse) confirmed the dotted strains that make up the indicator resting below WIF’s value at press time. 

This indicator measures potential development path and reversals. When its dotted strains relaxation beneath an asset’s value, the market is deemed to be in an uptrend. 

Supply: TradingView

Regardless of the numerous leap in WIF’s worth within the final 24 hours, Solana [SOL] has did not see any affect. Buying and selling at $129 at press time, SOL’s worth has declined by 5% throughout the identical interval, per CoinMarketCap.