Dogwifhat Shoots Up 5%: What's Going On?

Dog-themed meme coin Dogwifhat WIF/USD continued its upward march Monday, leaving market heavyweights trailing.

What happened: The Solana SOL/USD-based token spiked over 5% to become the second-biggest cryptocurrency gainer over the last 24 hours. Its trading volume popped 176% to $1.64 billion, making it one of the most traded meme coins in the 24-hour period.

WIF defied the pullback in blue-chip currencies like Bitcoin BTC/USD and Dogecoin DOGE/USD, which fell 1.88% and 6.51%, respectively.

Notably, the memecoin's Open Interest slid 2.34% in the last 24 hours, according to Coinglass. Typically, a decline in Open Interest combined with a price increase implies that shorts were covering their positions.

Furthermore, over 70% of Binance traders with open WIF positions were long as of this writing, signaling that the rally would sustain..

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Disclosure: 82% of retail CFD accounts lose money

Meanwhile, the Relative Strength Index, used to determine if the asset is overbought or oversold, flashed a "Sell" signal for the coin, according to TradingView. To the contrary, the Moving Average Convergence Divergence, which compares two exponential moving averages of price, generated a "Buy."

Price Action: At the time of writing, WIF was exchanging hands at $1.09, up 5.12% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has lost 41.26%.

Photo Courtesy: Akif CUBUK On Shutterstock.com

Read Next: