Can WIF Reclaim Its Position in the Memecoin Race?

• WIF remains a key player in the memecoin market, holding 16.80% of trading activity despite stiff competition.
• Technical indicators show a bearish trend, with WIF trading below major moving averages and nearing oversold RSI levels.
• Market sentiment leans bearish, with shorts dominating 56.43% of positions according to the Long/Short Ratio.

Even with the market facing pressure, the memecoin space showed no signs of slowing down in 2025. Among the chaos, dogwifhat (WIF) managed to hold its ground, staying firmly in the spotlight as one of the sector’s key players.

WIF’s role in the memecoin ecosystem
When you zoom out, WIF’s performance reveals a lot about how memecoins are evolving. With new players popping up and veteran tokens battling for attention, the space is as competitive as ever. And WIF? It’s right in the thick of it.

WIF still commands significant activity

Take the trading activity, for instance. Data from Dune Analytics places WIF among the top-trending memecoins lately—a spot it’s held for days now.

On January 22nd, the memecoin trading volume versus the circulating market cap ratio hit a notable high. The newly launched TRUMP coin claimed a dominant 37.43% of activity, but WIF wasn’t far behind, holding strong at 15.56%.

Fast forward to recent days, and there’s been a shift. TRUMP’s slice of the pie dropped to 29.43%, while WIF climbed a bit, now sitting at 16.80%. Progress, albeit modest.

source: DuneAnalytics

Dog-themed tokens leading the pack
As per CoinGecko, the entire memecoin market was valued at around $109 billion, with a jaw-dropping $71 billion belonging to dog-themed tokens—WIF included.

Even with a significant $1.2 billion market cap, though, WIF hasn’t been immune to the broader downturn, taking a sharp 20% dive over the last week.

Technical analysis: Clouds on the horizon

At press time, the WIF/USDT pair was trading at $1.264, marking a small 1.17% decline.

Looking deeper, the moving averages paint a troubling picture. The 50-day MA (2.013) sits below the 200-day MA (2.210), forming a bearish crossover. Meanwhile, prices continue to hover below both lines.

Trading volume, however, remains active at 10.51M WIF, showing there’s still life in the market despite the downward trend.

The RSI reading tells a similar story. Sitting at 31.53, it’s creeping close to oversold territory, although the overall momentum still leans bearish. All in all, the technical setup reflects what the past week has shown: sellers aren’t letting up anytime soon.

Market sentiment and positioning

Now, let’s talk sentiment. The Long/Short Ratio offers a glimpse into trader behavior. As of now, the ratio is at 0.7721, with shorts dominating at 56.43% compared to 43.57% longs.

This imbalance underscores the current bearish sentiment, reinforcing the price decline.

If we look back at the historical data (January 21–26), there were moments of optimism—spikes in the ratio above 1.10 showed flashes of bullish sentiment. But those moments were fleeting. The broader trend kept snapping back below 1.0, maintaining a bearish tone.

What’s next for WIF?

All signs point to continued pressure for WIF, even with its undeniable position in the memecoin world. The volatile trading, coupled with stiff competition from newer tokens like TRUMP, highlights the unpredictable nature of this market.