- WIF has recorded a significant increase in market capitalization over the past few days and at the same time inched closer to PEPE
- Despite price increases, social volume and sentiment towards WIF has declined
dogwifat [WIF] Over the past few months, it has become one of the most popular meme coins on the market. While meme coins have had their share of ups and downs in the past, altcoins now appear to be on track to break into the top three of the meme coin sector.
WIF of success
Over the past few days, WIF’s market capitalization has increased significantly. With this, WIF is now on the verge of overtaking PEPE’s market capitalization and ranking.
Source: CoinMarketCap
However, for WIF to overtake PEPE and claim the No. 3 spot, the price of WIF would have to rise significantly. WIF also saw a massive 25% gain in just 24 hours, but failed to reverse the general trend of the market. In fact, until the moment of the most recent price increase, the meme coin was trending downward, making multiple lows and highs on the charts.
For WIF to break out of this bearish trend and possibly reach the $4.382 level, it will need to test above the $3.594 level.
However, what is worth noting is that WIF’s CMF (Chaikin Money Flow) is on its side and has risen significantly. This is a sign of increased money flow and buying pressure.
However, the RSI reading is 74.86, indicating that despite the bullish momentum, the price may be in the overbought zone. Therefore, WIF may see a correction in the coming days before rising again.
Source: Trading View
If you look at social
Most of the soaring price of WIF can be attributed to the social volume centered on WIF tokens. However, in recent days, the social volume around WIF has been decreasing, which may cause big problems for WIF price in the future.
Moreover, the weighted sentiment toward WIF also decreased, suggesting an increase in the number of negative comments toward WIF.
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On the one hand, the social volume surrounding PEPE remains stable; on the other hand, the importance of PEPE is increasing. The positive outlook regarding PEPE on social media platforms could give PEPE the right amount of edge it needs to maintain its No. 3 position in the meme coin sector. Notably, along with WIF he also had PEPE on the charts where he rose by double digits.
Source: Santiment
