Dogwifhat (WIF) bounced back with a market cap exceeding $3 billion after facing a two-day decline. Notably, significant whale activity was observed during the surge in price. The cryptocurrency market saw some relief with Bitcoin (BTC) climbing above $62,800 and Ethereum (ETH) aiming to stabilize above $3,000. Dogwifhat (WIF), a viral memecoin based on Solana, emerged as one of the top 5 gainers for the day, experiencing a double-digit price increase.

Within the past 24 hours, WIF surged by over 12.3%, reaching $3.22, accompanied by a market cap of $3.22 billion. Additionally, the memecoin's daily trading volume rose by 24.68% to $467.6 million. lookonchain, a blockchain data tracker, detected substantial whale activity linked to WIF. In a 12-hour period, a whale purchased around 1.4 million WIF tokens, valued at $4.18 million at the time of purchase. Currently, the held tokens are showing a 7.7% profit.

The latest price chart for WIF indicates that its relative strength index (RSI) is within the neutral zone, while the Chaikin Money Flow (CMF) shows a decline below zero, suggesting reduced capital inflow. Furthermore, trading volume has decreased over the past two days. TheNewsCrypto's analysis points towards a cup and handle pattern in WIF's current price momentum, indicating a consolidation phase followed by a potential breakout. A bullish breakout could see Dogwifhat surpass resistance at $3.5757, whereas a bearish trend might drive WIF down to $2.8.

Alongside Dogwifhat, another Solana-based memecoin called BOOK OF MEME (BOME) gained over 10.5% in the last 24 hours to trade at $0.01184.

In the crypto news today, investors are closely monitoring Bitcoin's bullish outlook amidst market fluctuations.