Dogwifhat (WIF) price increases by 15 per cent to $1.98

The Solana-based meme coin Dogwifhat (WIF) has reportedly risen 15 percent in the last 24 hours to reach $1.98 on 24 September, after falling 60 percent from its all-time high of $4.85 six months ago.

Cointelegraph Markets Pro and TradingView data show that WIF was trading at $1.96 on 24 September, up 37 percent from a low of $1.44 on 18 September.

The total market capitalisation of Meme coins rose 0.33 percent to $2.3 trillion, with most of the largest Meme coins by market capitalisation gaining on 24 September, according to CoinGecko.

Some crypto traders expect Dogwifhat to continue to build on its current momentum and approach all-time highs. Analyst Sjuul said WIF is climbing slowly and has been quietly building up since last month's support level.

Technical analyst Crypto Jobs noted that WIF price broke out of a 180-day falling wedge with $1.98 and $2 as key resistance levels. The trendline of the falling wedge at $1.75 is immediate support for the Meme coin.

It is worth noting that WIF's recent rally has flipped key support levels including the 50-day, 200-day and 100-day SMAs at $1.70, $1.80 and $1.85, respectively, and increased buying could push WIF further up to $2.55.

Futures traders are sceptical about a quick rebound, and $10.91 mln of short positions are at risk if prices recover to $2.02. A 10% drop in price to $1.80 would result in $13.63 million of long positions being liquidated.

On 24 September Dogwifhat price rise was accompanied by a significant increase in open interest (OI). According to CoinGlass data, WIF's OI rose from $232.82 million on 23 September to $315.95 million on 24 September, an increase of around 30.45%.

Additional data from Coinglass shows that demand for leveraged long positions in WIF has increased in recent days, with a perpetual futures funding rate of 0.0073%.