Altcoins
Is the WIF’s position under threat? MOTHER may have something to say…
- MOTHER, a memecoin of pop musician Iggy Azalea, has significantly exceeded WIF’s trading volume.
- WIF’s social popularity has also declined in recent days
Few months ago, dog hat[WIF] was one of the market’s favorite memecoins for both whales and retail traders. However, in recent weeks, new memecoins have attracted considerable attention and captured much of the WIF’s attention.
Will WIF holders see red?
MOTHER, a popular memecoin created by Iggy Azalea, is one such memecoin, with the crypto being extremely popular on social media. In fact, its popularity has been such that the altcoin has managed to far exceed the trading volume of the WIF.
Source: DEXScreener
At press time, WIF was trading at $3.25, with the price down 3.20% over the past 24 hours. The price of memecoin has seen significant fluctuations over the past few weeks, oscillating between $4.1243 and $1.9586. No bullish or bearish trend has been established due to the high volatility exhibited by this memecoin.
The RSI (Relative Strength Index) of WIF fell to 41.84 over the past few days. This indicates that the bullish momentum around WIF has diminished significantly. Furthermore, the CMF (Chaikin Money Flow) also fell to -0.27. A declining CMF is a sign of capital outflows in the WIF market.
If this trend continues, the altcoin price could retest its $2.479 levels in the future.
Source: Commercial View
Watching Market Sentiment
Another factor that could significantly influence WIF would be its popularity on social media platforms. AMBCrypto’s analysis of Santiment data revealed that WIF’s social volume fell. Along with this, the weighted sentiment around WIF has also declined significantly over the past few days.
At the time of writing, a declining weighted sentiment meant that the number of negative comments around WIF exceeded positive comments.
Source: Santiment
Lower social volume and lower confidence could put additional downward pressure on the market.
Traders shared a similar sentiment. In fact, a review of Coinglass data revealed that the number of short positions taken against WIF has increased over the past few days. The percentage of shorts increased from 48% to 52.5% over the past week.
Read What is going on [WIF] Price prediction 2024-25
WIF price could see some green in the future, if the popularity of newly introduced memecoins wanes. And if WIF manages to regain some of its lost market share.
Source: Coinglass