Memecoins led cryptocurrency market gains Tuesday morning, as Bitcoin (CRYPTO: BTC) regained $110,000 in an overnight surge.
What happened: Dogwifhat popped over 16% to become the most successful cryptocurrency in the last 24 hours. The Solana (CRYPTO: SOL)-based token’s trading volume soared 132% to $588.66 million. The rally helped WIF erase its weekly losses.
The cryptocurrency’s Open Interest lifted 18.84% in the last 24 hours, according to Coinglass. Additionally, over 62% of Binance derivatives traders with an open WIF position placed bullish bets on the memecoin, according to the Long/Short ratio.
Meanwhile, the Relative Strength Index, used to determine …