Solana-based memecoin WIF surges 48% to hit $1 – Can it flip PEPE?

• WIF now trades at an all-time high following crypto exchange listing.
• On the other hand, SOL has failed to see any gains in the last 24 hours.

Solana-based memecoin Dogwifhat [WIF] has seen a remarkable surge in the past 24 hours, skyrocketing 35% to reach a new all-time high, according to data from CoinMarketCap. This rally follows news of the token’s listing on cryptocurrency exchange Robinhood Europe.

At press time, WIF exchanged hands at $1.24, logging a 312% price growth in the last week to rank as the crypto asset with the most gains during the seven-day period.

Source: CoinMarketCap

Per CoinMarketCap, the memecoin market has witnessed a significant increase in activity in the past 24 hours.

With a 50% uptick in trading volume, the memecoin market capitalization has risen by 30% during that period. It is now the fifth largest memecoin.

The prices of leading meme assets such as Dogecoin [DOGE], Pepe [PEPE], Shiba Inu [SHIB], and Bonk [BONK] have all gone up by 18%, 52%, 59%, and 5%, respectively, in the last 24 hours.

WIF bulls carry on

Following WIF’s listing on Robinhood Europe and the attendant surge in price, the token’s daily trading volume across exchanges climbed to an all-time high on 1st March.

According to data from Santiment, WIF’s daily trading volume on exchanges on that day totaled $380 million.

Source: Santiment

Confirming the surge in demand for the memecoin, its momentum indicators assessed on a 24-hour chart were spotted at overbought highs as of this writing. For example, its Relative Strength Index (RSI) and Money Flow Index (MFI) returned values of 82.54 and 85.38.

Although these values typically mark the onset of buyers’ exhaustion, the uptrend in WIF’s Chaikin Money Flow (CMF) showed that the spot market continues to see liquidity inflow. WIF’s CMF was in an uptrend and returned a value of 0.25 at press time.

This CMF value showed that there was significant capital inflow into the WIF market, which can help sustain the price rally in the short term if bullish sentiment holds.

Further, readings from the memecoin’s Parabolic SAR (Stop and Reverse) showed the dotted lines that make up the indicator resting under WIF’s price at press time. 

This indicator measures potential trend direction and reversals. When its dotted lines rest below an asset’s price, the market is deemed to be in an uptrend. 

Source: TradingView

Despite the significant jump in WIF’s value in the last 24 hours, Solana [SOL] has failed to see any impact. Trading at $129 at press time, SOL’s value has declined by 5% during the same period, per CoinMarketCap.