- MOTHER, a memecoin by pop musician Iggy Azalea, surpassed WIF’s buying and selling quantity considerably
- WIF’s social recognition has declined over the previous couple of days too
A number of months in the past, Dogwifhat[WIF] was one of many market’s favourite memecoins for whales and retail merchants alike. Nonetheless, the previous couple of weeks have seen newer memecoins garnering vital consideration and capturing a lot of WIF’s personal highlight.
Will WIF holders see pink?
MOTHER, a well-liked memecoin created by Iggy Azalea, is one such memecoin, with the crypto wildly widespread throughout social media. In actual fact, such has been the size of its recognition that the altcoin managed to surpass the buying and selling quantity for WIF by a major margin.
At press time, WIF was buying and selling at $3.25, with its worth down by 3.20% within the final 24 hours. The memecoin’s worth noticed main fluctuations over the previous few weeks, transferring between the $4.1243 and $1.9586 ranges. No bullish or bearish development has been established as a result of excessive volatility exhibited by this memecoin.
The RSI (Relative Energy Index) for WIF declined to 41.84 over the previous couple of days. This indicated that bullish momentum round WIF had fallen considerably. Furthermore, the CMF (Chaikin Cash Movement) additionally fell to -0.27. A declining CMF is an indication of capital outflows throughout WIF’s market.
If this development continues, the altcoin’s worth might retest its $2.479 ranges sooner or later.
Taking a look at market sentiment
One other issue that would affect WIF considerably can be its recognition on social media platforms. AMBCrypto’s evaluation of Santiment’s information revealed that the social quantity for WIF fell. Coupled with that, the weighted sentiment round WIF additionally declined considerably over the previous couple of days.
A falling weighted sentiment meant that the variety of unfavourable feedback round WIF outweighed constructive ones, on the time of writing.
Declining social quantity and falling sentiment might lend extra downward stress to the market.
Merchants shared an analogous sentiment. In actual fact, an examination of Coinglass’ information revealed that the variety of brief positions taken in opposition to WIF had surged over the previous few days. The share of shorts grew from 48% to 52.5% over the previous week.
Learn dogwifhat’s [WIF] Value Prediction 2024-25
WIF’s worth might see some inexperienced sooner or later, if the recognition of newly launched memecoins dies down. And, if WIF manages to regain a few of its misplaced market share.