WOJAK Soars 87%, Tests Crucial $50M Market Cap Threshold
The cryptocurrency WOJAK has seen an impressive surge in its price over the past day, rising by 87% and pushing its market capitalization towards a key resistance level of $50 million.
This sudden increase caught short sellers off guard and led to a significant increase in the token's value over a longer timeframe, with WOJAK jumping by 187% in this period.
Data from WEEX suggests that 'whale wallets' were responsible for much of the buying activity, using aggressive accumulation tactics to tighten the float and absorb sell pressure at key support levels.
The current market capitalization of WOJAK sits between $35 million and $40 million, with traders citing the $50 million level as a crucial test of the token's momentum. A clean break through this level could potentially open the way for further price increases, while a failure to clear it may lead to a decline back towards the $0.000376 support zone.