WIF's social mindshare had tanked along with investors' interest amidst massive spot outflows. Will it affect the memecoin's recovery?
‘From start to finish of the $WIF run up, key CT accounts had super high engagement on related tweets. And then… they moved on.’The declining Social Volume and traction were also reflected in investors’ and traders’ sentiment over the same period. As shown in the WIF’s spot net flows chart, overall spot net flows have been negative.About $24 million in outflows occurred between the 12th to the 18th of August, illustrating weak demand from investors and traders for the meme coin.
The technical chart indicators have been trending below average in August, further constraining WIF’s strong recovery prospects.Meanwhile, based on the Fibonacci retracement tool, plotted between July highs and August lows, $2.0, $1.0 and $1.5 are key levels to watch in the short term.WIF Profit CalculatorBenjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends.
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