Dogwifhat’s monthly stats look bearish, open interest cut in half

Despite the recent surge in the WIF price, its monthly stats have seen large declines.

On Tuesday, Aug. 20, the price of Dogwifhat (WIF) soared 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%, reaching $370 million.

According to data provided by Santiment, the WIF total open interest plunged by 54.5% over the past 30 days — falling from $328 million to $149 million, showing declining trader interest in the meme coin as the broader crypto market witnessed a local bottom.

Data from the market intelligence platform also shows that the total funding rates aggregated by WIF are hovering at 0.006%, indicating traders’ bullishness on WIF’s price hike. On the other hand, the meme coin’s social volume looks mostly negative as the weighed sentiment around WIF is sitting below the zero mark. 

While the recent price surge made WIF the top gainer among the top 100 cryptocurrencies by market capitalization, the asset is still down by 37% over the past 30 days. WIF briefly plunged to $1.12 on Aug. 5 but soon recovered 20% of its losses. 

Notably, WIF is not the only meme coin to register impressive gains with the market-wide recovery. According to data from CoinGecko, meme coins’ market cap increased by 6.9% in total, reaching $41 billion.