dogwifhat soars 20% in 24 hours – Can the memecoin sustain its surge?

• WIF pumped +20% in 24 hours amid a broader market rally on US election day. 
• Nearly $2 million worth of short positions were liquidated in 12 hours 

Crypto markets soared during US election day, with Bitcoin [BTC] surging to a new all-time high (ATH) as a Trump win seemed apparent. Memecoins pumped harder, with dogwifhat [WIF] rallying 20% in 24 hours. 

There was already a long wick on the daily candlestick at press time, suggesting that the election day pump could face some cool-off. But what’s next for one of the top memecoin gems after the US election? 

WIF’s next step

Source: WIF/USDT, TradingView

Since some traders might book election profits from the rally, a cool-off could drag WIF to $2.245 (38.6% Fib level) or back to the golden zone. Afterward, the memecoin could continue with its uptrend. 

In such a scenario, sidelined bulls could seek market re-entry at the above support levels. 

That said, a close above $2.5 could accelerate WIF to October highs near $3, provided BTC maintains the bullish streak. 

WIF whales exposure

Source: Hyblock

This was contrary to the significant de-risking seen before the election, as they reduced positions, tanking WIF. Should whale appetite persist for the memecoin, the rally could be pushed higher. 

Read dogwifhat [WIF] Price Prediction 2024-2025 

The above bullish outlook was also supported by massive liquidation of short positions. In the past 12 hours, before press time, $1.7 million worth of short positions (betting for WIF price decline) were wiped out. 

Source: Coinglass

In short, it appeared bears had no market edge, at least in the short-term, with election enthusiasm at a fever pitch. If so, any WIF pullback could be a great buying opportunity if the uptrend continues.