Dogwifhat Is Outperforming Dogecoin, Shiba Inu Tuesday Morning: What's Going On?

Dog-themed cryptocurrency Dogwifhat WIF/USD was trading higher early Tuesday morning, outgaining cryptocurrency heavyweights.

What happened: The Solana SOL/USD-based meme coin rallied over 15% to become the second-biggest cryptocurrency gainer in the last 24 hours. The trading volume popped 76% to $438 million, suggesting high liquidity and trader interest.

WIF outgained blue-chip meme coins such as Dogecoin DOGE/USD and Shiba Inu SHIB/USD, which grew 2.37% and 3.58%, respectively, in the last 24 hours.

The rally got the derivatives traders excited as well, as WIF's Open Interest soared 17% in the last 24 hours to $352.92 million, according to Coinglass.

Over 65% of top trader accounts on Binance were long on WIF, suggesting expectations of further upside.

Furthermore, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a "Buy" signal for WIF, according to TradingView. On the other hand, the Moving Average Convergence Divergence, which compares two exponential moving averages of price, painted a bearish outlook with a "Sell" signal.

Dogwifhat, a meme coin inspired by Dogecoin, depicts a Shiba Inu dog wearing a pink knitted hat. Launched in the fall of 2023, the feline coin exploded to a peak of $4.85 within the next four months, but has since retraced sharply.

Price Action: At the time of writing, WIF was exchanging hands at $0.9830, up 15.96% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, it has jumped over 76% in value

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