The cryptocurrency market has seen renewed momentum in the memecoin segment over the past 24 hours, with dogwifhat (WIF) being one of the coins that have performed well.
According to data from CryptoQuant and Coinalyze, WIF's price surge can be attributed to increased whale activity in Futures markets, as large traders and investors accumulate exposure at press time levels.
The market structure favors buyers, particularly within the derivatives market, where the long/short ratio stood at 2, indicating almost double the number of long positions compared to short positions.
As WIF approaches its next significant technical hurdle at $2, traders are watching closely for a decisive breakout or rejection. A strong momentum signal has been triggered as WIF's price trades above its 20-day EMA, which could potentially expose higher liquidity zones and extend the prevailing rally.