Memecoin like dogwifhat (WIF) has risen 13% in the broader market recovery but remains in months of consolidation. Although derivatives have signaled a bullish outlook—open interest has surged to nearly $100 million, and funding rates on major exchanges are also positive—spot holders' activity has created resistance. On-chain data shows net selling pressure among holders, creating a complex sentiment that could challenge the sustained breakout of the WIF long-term wedge formation.