|
Getting your Trinity Audio player ready...
|
Key Takeaways:
- DOGE’s overbought RSI and recent rejection suggest a potential cooldown.
- WIF whales are accumulating aggressively at resistance, showing conviction.
- A breakout above $1.30 could trigger WIF’s next major rally if BTC remains range-bound.
Memecoins are once again stealing the spotlight in the crypto market. At the time of writing, four of the top ten weekly gainers were meme-based tokens—highlighting a clear surge in speculative appetite as Bitcoin trades sideways. Among these, Dogecoin [DOGE] and Floki [FLOKI] surged over 40%, while dogwifhat [WIF] posted a respectable 24.3% gain against BTC.
But as DOGE shows signs of short-term exhaustion, WIF appears to be positioning itself for a potential breakout.
DOGE Faces Rejection as RSI Flashes Overbought
Despite leading the memecoin rally, DOGE/BTC faced a 2.14% intraday rejection at a critical resistance last seen in early May. Technical indicators such as the overextended Relative Strength Index (RSI) and large whale outflows suggest the move could be losing steam.
In contrast, WIF/BTC remains in a tight volatility compression phase, often a precursor to explosive price action. This mirrors the setup before WIF’s 138% surge off the $0.56 base earlier this year—far outperforming DOGE’s 48% in the same period.
WIF Sees Smart Money Accumulation at Key Resistance
While DOGE shows signs of fatigue, WIF is quietly gaining strength. The memecoin has been testing the $1.30 resistance zone, a level it failed to breach twice in May. Despite seller pressure, on-chain data reveals growing accumulation by large holders, particularly the cohort holding between 10M–100M WIF tokens.
According to Santiment, WIF whales added 670 billion tokens this week, reinforcing $1.30 as a strong support base rather than a rejection zone.
WIF’s Bullish Divergence Could Trigger Next Memecoin Leg
The divergence between DOGE and WIF may be more than just technical. DOGE whales are scaling back, while WIF’s holder count has now surpassed 250,000, with steady inflows hinting at growing market conviction.
JUST IN: $WIF surpasses 250,000 holders amid surging price momentum. pic.twitter.com/dX502mudoJ
— Whale Insider (@WhaleInsider) July 20, 2025
If Bitcoin remains range-bound below its highs, memecoins often see speculative rotations. In this environment, WIF could front-run the next phase of the memecoin rally, especially if DOGE continues to retrace.
WIF’s consolidation near a major resistance, backed by whale accumulation and on-chain growth, sets the stage for a breakout. With DOGE looking overbought and losing momentum, WIF may lead the next leg of the memecoin cycle.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: dogwifhat (WIF) Price Jumps 18% as Buy Volume and Open Interest Surge — Can It Break $1?
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
