WIF Open Interest Jumps 16%, Trader Claims ‘Nobody Is Ready’ for Reversal’

Dogwifhat (WIF), a Solana-based memecoin, is catching eyes in the crypto world with a surprising surge in futures trading. Since August 31, the open interest in Dogwifhat futures has leaped by 16%, reaching a notable $231.48 million.

This data is sourced from CoinGlass. The uptick comes as WIF trades 66% below its all-time high from March.

Resilience Amid Uncertainty 

Despite the recent downturn, some traders are optimistic about $WIF’s future. The token’s price has fallen 17% since August 25, hovering around $1.57 as of now. 

This drop has left it trading below $1.90 for over a week. Traders are eyeing a potential rebound to $2.40, a level WIF hasn’t seen since July 30.

Crypto analyst Bluntz suggests a reversal might be on the horizon. In a September 3 post on X (below), he described the current price action as a “perfect channel retest” and hinted that a V-shaped reversal could be imminent. 

“Nobody is ready for the V reversal that’s about to happen.” Bluntz asserted, signaling potential big moves ahead.

Volume Spikes as Interest Grows

$WIF's trading volume has also seen a significant increase. Since September 4, WIF has racked up $327.6 million in total trading volume. 

This figure is roughly double the trading volume of $SHIB, the second-largest memecoin by market cap. $SHIB recorded $160.5 million in the same period.

The surge in both open interest and trading volume suggests growing interest and anticipation among traders. As $WIF remains under its previous highs, all eyes are on whether it will indeed make a comeback, as some analysts predict.