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WIF leads meme coin rally with 12% surge

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Solana-based meme coin dogwifhat has jumped 12% and has ranked as the top gainer in the market today.

At the time of writing, dogwifhat (WIF) was still up 11.5%, trading at $1.58 per price data from crypto.news. The crypto asset’s daily trading volume was hovering around $598 million while its market cap had risen to $1.58 billion. Following the latest price increase, the dog-themed meme coin has taken 55th place among the cryptocurrencies by market cap.

WIF leads meme coin rally with 12% surge - 1
WIF 24-hour price chart – Sep. 3 | Source: crypto.news

WIF’s recent surge is fueled by the recent whale accumulation of Dogwifhat tokens, with one whale acquiring over 9.57 million WIF tokens, worth $13.59 million, within just four days. Another whale used 1.4 million USDC to purchase 643,832 WIF tokens, making them the largest holder with 28.66 million tokens. Thie trend indicates growing investor confidence in WIF’s potential rebound, even after a 67% drop in value over the past year.

WIF remains the fourth-largest memecoin by market capitalization and the top Solana-based memecoin.

Data from Coinglass reveals that WIF’s total open interest jumped by 12.7% in the last day, increasing from $187.97 million to $211.8 million, reflecting growing trader engagement and anticipation of potential price movements.

Data from the market intelligence platform also shows that WIF’s aggregated funding rates are currently at -0.0015%, signalling a bearish sentiment among traders regarding WIF’s price outlook.

WIF’s current price positions it near the middle Bollinger Band, around $1.58, which often acts as a dynamic support or resistance level. Meanwhile, the MACD line has recently crossed above the signal line, suggesting a possible bullish momentum shift.

WIF leads meme coin rally with 12% surge - 2
WIF Bollinger Bands and MACD chart – Sep. 3 | Source: crypto.news

If the price is sustained above the middle band, it could attempt to move towards the upper Bollinger Band at around $1.90. However, if the price fails to hold above this middle band, it may face further consolidation or a pullback toward the lower band around $1.25.

Meanwhile, a descending triangle emerged between late July and August, characterized by steadily declining highs and a firm support level. This formation typically hints at a potential bearish breakout, especially if the price breaches the established support line.

WIF’s recent price surge aligns with a broader uptick in the meme coin market, which has increased by 5.7%, reaching a total valuation of $ 40.6 billion over the past 24 hours. Alongside WIF, other notable meme coins like Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have also seen gains, rising by 5.7%, 6.6%, and 4.3%, respectively.

Meanwhile, the global crypto market has also experienced a 1% surge, bringing it to a total valuation of $2.16 trillion. Bitcoin (BTC) is also in the green, up 2.1%, and it is exchanging hands at $58,895.



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TRUMP, MAGA, and other Trump-themed tokens crash after election day

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Donald Trump-themed meme coins TRUMP, MAGA, TREMP, and STRUMP have tanked, with their total market capitalization down over 21% on the day, after Trump secured a victory in the U.S. election.

MAGA (TRUMP), the largest Trump-themed meme coin in terms of market cap fell 50.7% over the past 24 hours, exchanging hands at $1.71 when writing. The altcoin’s market cap fell from $212 million seen on Nov. 6 to $79 million when writing.

MAGA Hat (MAGA) a meme token inspired by Trump’s iconic red hat worn during his political campaigns also collapsed by 51% with its market cap falling to $39 million. 

Dark MAGA (DMAGA) which saw the highest gains on Nov. 5, climbing from $0.008 to $0.0018 overnight. The meme coin has since plunged by 62% from its pre-election level and was trading at $0.0045, wiping out over $13.5 million from its market cap. Similarly, Super Trump (STRUMP) also faced a sharp drop of 54.9%, with its market cap shedding $11 million.

Other popular meme coins that previously capitalized on Trump’s presidential victory but have crashed at press time, include Doland Tremp (TREMP), TRUMPCOIN, TRUMP 47 (47), and Pepe Trump (PTRUMP) which suffered losses between 50-65%.

Traders seemed to have sold the news, a familiar trend for meme coins, which often experience sharp sell-offs after hype peaks—just as with Dogecoin (DOGE), the industry’s first and largest meme coin.

Dogecoin’s meteoric rise leading up to Elon Musk’s Saturday Night Live appearance in May 2021 became a classic case of traders selling the news. DOGE rallied to an all-time high of $0.73 ahead of the May 8 airing date as Musk, an avid Dogecoin supporter, teased his role on SNL. 

However, the hype fizzled quickly during and after the broadcast, as traders rushed to offload their holdings with the price of DOGE dropping over 30% within hours. At current prices, the token remains 74% below its all-time high.

This pattern also seems evident in PolitiFi tokens, which are often referred to as “event coins,” as they move in tandem with political developments. However, the downturn comes despite Trump’s victory, which could mean the hype around this meme coin subset is waning.

A likely scenario is that a lot of the liquidity from these PolitiFi tokens is flowing into Bitcoin (BTC) and other altcoins as the flagship crypto has been printing new highs over the past day fueling hopes that the bull market is starting.

Prominent altcoins like Ethena (ENA) and Raydium (RAY) have posted double-digit gains, while the overall meme coin market is up over 13%, suggesting that PolitiFi tokens are facing an isolated sell-off now that the elections are over.



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Bitcoin, crypto stocks surge as Harris congratulates Trump

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Crypto stocks surged sharply on Nov. 6 as Donald Trump’s victory for a second term as U.S. president bolstered the market’s bullish outlook.

While cryptocurrencies have ripped in the lead up to the election as betting odds showed Trump was headed for victory, things got juicy on Election Day. Bitcoin (BTC) shot to above $75,000 before taking a breather.

The Trump trade, which relates to conviction that markets would rip if the Republican candidate won, engulfed not just the top coin, but also altcoins. Ethereum (ETH) has jumped above $2,700, Solana (SOL) is eyeing $190 and Dogecoin (DOGE) broke $0.20.

Meanwhile, stocks of crypto related companies, including Coinbase, MicroStrategy and Riot soared pre-market, continuing higher during the U.S. trading session. This came as Vice President Kamala Harris called Trump to congratulate him. Harris was expected to give her concession speech later in the day.

At the time of writing, Coinbase shares had increased by 30% to $253.58, marking a 50% gain over the past month and a 193% rise over the past year.

MicroStrategy, the largest corporate holder of Bitcoin, saw its stock rise nearly 13% on the day and 40% over the last 30 days. MSTR has outperformed most stocks, delivering a return of over 460% in the past year.

Other stocks making notable gains included Bitcoin mining companies Marathon Digital, Riot Platforms, CleanSpark, and Hut 8. Marathon (MARA) was up 19%, Riot (RIOT) +21%, CleanSpark (CLSK) +20%, and Hut 8 (HUT) +9%, following positive quarterly results.

Robinhood, which offers crypto trading, also recorded significant gains, while Block Inc. was up on the day. Robinhood (HOOD) has gained 20% so far, and Block (SQ) has risen more than 7%.



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BlackRock’s IBIT records largest outflow day as Bitcoin ETFs log third consecutive day of outflows

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On Nov. 5, BlackRock’s spot Bitcoin exchange-traded fund, BITB, recorded its largest net outflow day since inception, with $44.2 million leaving the fund.

Since its launch in January, BlackRock’s BITB has experienced only six days of outflows, with the previous largest single-day outflow of $36.9 million on May 1.

According to data from Farside Investors, the 12 spot Bitcoin ETFs recorded a net outflow of $116.8 million on Nov. 5, extending their outflow streak to three consecutive trading days. However, these outflows were significantly lower than the $541.1 million recorded on Nov. 4, which marked the second-largest outflow day for these investment products.

Across the sector, outflows were dominated by Fidelity’s FBTC, which saw $68.2 million withdrawn, leading the day’s redemptions. Other funds also posted notable outflows, including ARK Invest and 21Shares’ ARKB, which saw $12.5 million in redemptions, Franklin Templeton’s EZBC with $6 million, VanEck’s HODL with $3.9 million, and Valkyrie’s BRRR, which reported $1.3 million in net outflows.

In contrast, Biwise’s BITB was the only spot Bitcoin ETF to log net inflows, with $19.3 million entering the fund. Grayscale’s GBTC and several other spot Bitcoin ETFs saw zero flows for the day.

Bitcoin defies ETF outflows, surges to record high

Despite ETF outflows extending for a third day, Bitcoin’s price rose sharply overnight.

CoinGecko data shows Bitcoin (BTC) reaching an unprecedented $75,000 in a potential reaction to election news that former President Donald Trump might be gaining momentum in early voting.

The flagship cryptocurrency later retreated slightly, trading up 8.7% at $74,563 at the time of reporting.

Bitcoin’s performance has remained strong, especially following its previous all-time high of $73,797 set on March 14, though it has mostly traded below $70,000 for much of the year.

While Bitcoin ETFs experienced significant outflows, U.S.-based spot Ethereum ETFs had a quieter day, registering zero net flows on Nov. 5, according to Farside Investors. However, Ethereum (ETH) mirrored Bitcoin’s upward price momentum, gaining 6.7% to trade just above $2,600.

According to CoinGecko data, the global crypto market capitalization increased by 6.6% over the past day, reaching $2.58 trillion.



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