$WIF Roars Back with 200% Recovery After Brutal Crash

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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Last updated: 

May 12, 2025

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In a 24-hour burst on May 12, Dogwifhat’s $WIF soared 45% and pumped $1.27 billion in trades, clawing back from last month’s 300% plunge.

The rebound has catapulted the pink-hat Solana memecoin back into the top 70 cryptocurrencies by market capitalization for the first time since January and ignited derivatives desks, with open interest jumping nearly 39% as bulls target the $1.60 barrier.

After peaking near $4.80 in late 2024, the token crashed to a low of $0.3173 last month. Yet, the project staged a powerful comeback. Since that bottom, $WIF has rebounded by over 200%, making it one of the top-performing assets in recent weeks.

Early $WIF Investors Still Up Over 550,000% Despite Volatility

Despite remaining 60% below its all-time high, early investors still boast lifetime gains exceeding 550,000% since its debut in November 2023.

Currently ranked as the seventh-largest memecoin, DogWifHat sits behind other popular tokens like $FARTCOIN, $BONK, and $TRUMP but outperforms them all in weekly gains.

The latest price action follows a May 11 tweet from well-known crypto trader Ansem, who hinted at a resurgence in WIF’s volume. At the time, $WIF was trading near $0.80.

Since then, crypto Twitter has seen numerous traders report leveraged gains ranging from 100% to as high as 15,000%. Derivatives data from Coinglass suggests the rally may continue.

In the past 24 hours, open interest in $WIF has increased by 38.97%, with over $500 million worth of positions opened, bringing the long/short ratio to 0.994.

This indicates that most traders are expecting further upside.

BingX Volume Spikes Hint at Asia-Led $WIF Accumulation

With WIF already listed on major exchanges like Binance, Bybit, Coinbase, OKX, and even Robinhood, short-term targets between $2 and $3 are circulating among bullish traders.

However, technical analysts warn of strong resistance near the $1.50 level, where the price may face short-term selling pressure.

Some believe any pullback from this point is an opportunity to enter before another leg higher.

Optimism in the market has been boosted by the recent U.S.-China agreement to ease tariffs temporarily, which has reignited a risk-on sentiment among speculative traders, particularly in Asia.

Chinese traders have been piling into memecoins like DogWifHat and Dogecoin ($DOGE), indicating a renewed appetite for high-risk assets.

Singapore-based crypto exchange BingX, popular among Chinese users, has reported a 69% increase in $WIF/$USDT trading volume over the past day.

Open interest in that pair also rose by 62.14%, with $WIF/$USDC and $WIF/$USD contracts seeing at least 35% gains in open interest.

$1.60 Resistance Zone in Focus as $WIF Eyes $2 Target

Technically, $WIF has broken out of a prolonged consolidation range, building a base between $0.35 and $0.45 with resistance near $0.60. A breakout above a descending trendline, drawn from January’s highs, triggered the current rally.

The price chart now shows a textbook accumulation breakout pattern with momentum indicators, including the MACD, continuing to favor the bulls.

The MACD line is also accelerating above the trigger line, with an expanding green histogram, a strong sign of upward momentum with no signs of bearish divergence.

Additionally, $WIF is currently trading within a key resistance zone between $1.30 and $1.60, a range that previously acted as a supply zone earlier this year. The shaded purple arc suggests a potential area of short-term exhaustion or consolidation before any further move higher.

If it breaks above $1.60, the next major target lies at the psychological $2.00 level.

In the event of a retracement, $0.90, the prior breakout zone, is likely to offer immediate support, with stronger support at $0.60.