- WIF recorded a massive surge in market cap over the last few days, while also inching closer to PEPE
- Social volume and sentiment around WIF fell, despite the hike in price
Dogwifhat [WIF] has been one of the market’s most popular memecoins over the last few months. While once the memecoin saw its fair share of ups and downs, it would seem that the altcoin is now well on its way to break into the memecoin sector’s top-3
A WIF of success
Over the last few days, the marketcap of WIF has surged significantly. Owing to the same, WIF is now exceedingly close to overtaking PEPE’s marketcap and rank.
Source: CoinMarketCap
However, for WIF to surpass PEPE and claim the number 3 position, the price of WIF would need to climb significantly higher. Also, while WIF did climb by a significant 25% in just 24 hours, it wasn’t able to reverse its prevailing market trend. In fact, until the most recent bout of price appreciation, the memecoin was on its way down, hitting multiple lower lows and lower highs on the charts.
For WIF to break past this bearish trend and possibly push itself to the $4.382-level, it would have to test and move past the $3.594-level.
Worth noting, however, that the CMF (Chaikin Money Flow) for WIF was on its side and had risen significantly – A sign of rising money flow and buying pressure.
However, the RSI had a reading of 74.86, indicating that the price may be in the overbought zone despite all the bullish momentum. Ergo, WIF may see a correction in the next few days before rising higher again.
Source: Trading View
Looking at the socials
A huge majority of WIF’s price surge can be attributed to the social volume around the WIF token. However, over the last few days, the social volume around WIF declined, which may cause massive problems for WIF’s price in the future.
Additionally, the weighted sentiment around WIF fell too, suggesting that the number of negative comments around WIF grew.
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On the flipside, social volume around PEPE continued to remain consistent, while its weighted sentiment grew. The positive outlook around PEPE on social media platforms may give PEPE the right amount of edge needed to retain its number 3 position in the memecoin sector. Especially since alongside WIF, PEPE also hiked by double-digits on the charts.
Source: Santiment