Despite the recent increase in the WIF price, the monthly statistics show large declines.
On Tuesday, August 20, the price of Dogwifhat (WIF) rose by 17% to $1.61, while the meme coin’s market cap surpassed the $1.6 billion mark. Following the price surge, WIF’s daily trading volume increased by 52% to reach $370 million.
According to data from Santiment, total open interest in WIF has plummeted by 54.5% over the past 30 days – from $328 million to $149 million. This shows that traders’ interest in the meme coin is waning while the broader crypto market hit a local bottom.
Data from the market intelligence platform also shows that the total funding rates aggregated by WIF stand at 0.006%, indicating that traders are optimistic about WIF’s price increase. On the other hand, the meme coin’s social volume looks mostly negative as the weighted sentiment surrounding WIF is below the zero mark.
Although the recent price surge made WIF the biggest gainer among the 100 cryptocurrencies with the highest market cap, the asset is still down 37% over the past 30 days. WIF briefly plunged to $1.12 on August 5, but soon recovered 20% of its losses.
Notably, WIF is not the only meme coin to record impressive gains with the market-wide recovery. According to data from CoinGecko, the overall market cap of meme coins increased by 6.9% to reach $41 billion.
