Memecoins
WIF can topple PEPE in the memecoin race, but ONLY if…
- WIF has seen a massive increase in its market capitalization over the past few days, while moving closer to PEPE.
- Social volume and sentiment around WIF fell, despite rising prices
dog hat [WIF] has been one of the most popular memecoins on the market over the past few months. While memecoin has once seen its share of ups and downs, it appears that the altcoin is now well on its way to breaking into the top 3 in the memecoin sector.
A successful WIF
Over the past few days, WIF’s market capitalization has increased significantly. For this reason, WIF is now poised to surpass PEPE’s market capitalization and ranking.
Source: CoinMarketCap
However, for WIF to surpass PEPE and claim the third position, the price of WIF would need to increase significantly. Additionally, although WIF surged 25% in just 24 hours, it was unable to reverse the prevailing market trend. In fact, until the last price rally, memecoin was in decline, hitting multiple lows and highs on the charts.
For WIF to break out of this downtrend and possibly reach the $4.382 level, it would need to test and surpass the $3.594 level.
It is worth noting, however, that the CMF (Chaikin Money Flow) for WIF was on its side and had increased significantly – a sign of increased money flow and buying pressure.
However, the RSI showed a reading of 74.86, indicating that the price could be in the overbought zone despite all the bullish momentum. Ergo, WIF could experience a correction in the coming days before rising again.
Source: Commercial View
Looking at social media
A large majority of the WIF price rally can be attributed to the social volume around the WIF token. However, over the past few days, the social volume around WIF has decreased, which could spell huge trouble for WIF price in the future.
Additionally, the weighted sentiment around WIF has also decreased, suggesting that the number of negative comments around WIF has increased.
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On the other hand, social volume around PEPE has remained constant, while its weighted sentiment has increased. The positive outlook around PEPE on social media platforms could give PEPE the edge needed to maintain its number 3 position in the memecoin sector. Especially since alongside WIF, PEPE also climbed double digits in the charts.
Source: Santiment