Altcoin
Is the position of the WIF under threat? MOTHER might have something to say…
- MOTHER, a memecoin by pop musician Iggy Azalea, has significantly outpaced WIF’s trading volume
- WIF’s social popularity has also declined in recent days
A few months ago, Dogwifhat[WIF] it was one of the market’s favorite memecoins among whales and retail traders alike. However, in recent weeks new memecoins have garnered significant attention and captured much of the WIF spotlight.
Will WIF holders see red?
MOTHER, a popular memecoin created by Iggy Azalea, is one such memecoin, with the cryptocurrency being very popular on social media. In fact, the scale of its popularity has been such that the altcoin has managed to surpass the trading volume for WIF by a significant margin.
Source: DEXScreener
At the time of writing, WIF was trading at $3.25, with the price down 3.20% over the past 24 hours. The memecoin price has seen major fluctuations in recent weeks, moving between the $4.1243 and $1.9586 levels. No bullish or bearish trend has been established due to the high volatility exhibited by this memecoin.
In recent days the RSI (Relative Strength Index) of the WIF has fallen to 41.84. This indicated that the bullish momentum around the WIF had waned significantly. Furthermore, 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 may test its $2,479 levels again in the future.
Source: Commercial View
Observing market sentiment
Another factor that could significantly influence WIF would be its popularity on social media platforms. Analysis of Santiment data by AMBCrypto revealed that WIF social volume has decreased. In addition to this, the weighted sentiment towards WIF has also decreased significantly in recent days.
Falling sentiment means that the number of negative comments on the WIF has outnumbered the positive ones, as of this writing.
Source: Santimento
Declining social volume and declining sentiment could put more downward pressure on the market.
Traders shared a similar sentiment. Indeed, an examination of Coinglass data revealed that the number of short positions taken against WIF has increased in recent days. The short percentage grew from 48% to 52.5% in the last week.
Light dogwifhat’s [WIF] Price forecast 2024-25
The price of WIF may see some improvement in the future if the popularity of the newly introduced memecoins fades. And, if WIF manages to regain some of its lost market share.
Source: Coinglass