The value of leading memecoin dogwifhat [WIF] has cratered by double digits in the last 24 hours. This has caused it to rank as the...
has cratered by double digits over the last 24 hours. In fact, this has contributed to the cryptocurrency ranking as the market’s biggest loser over that period, according to
Valued at $3.50, at the time of writing, WIF extended its weekly losses to fall by 14% over the aforementioned period.Following an extended period of rally, the month so far has been marked by a decline in WIF’s price. Here, it’s worth noting that over the weekly timeframe too, the altcoin’s value dropped by 13%.
This price fall mirrors the general decline in the memecoin market, which has caused the values of leading assets such as FlokiAn asset’s Futures open interest measures the outstanding Futures contracts or positions that have not been closed or settled. When it falls in this manner, it suggests a drop in market activity and a change in sentiment among traders.Confirming the decline in activity in WIF’s derivatives market, its Futures trading volume has also trended south since 1 April.
Furthermore, the memecoin’s social activity assessed on-chain underlined a fall in social media hype and mentions over the past week.Generally, a decline in an asset’s social activity over a period marked by surging bearish sentiments often confirms a continuation of the price decline. On its daily chart, the movements of key momentum indicators assessed on the 1-day chart showed liquidity exit from WIF’s spot market. For example, its Chaikin Money Flow indicator, which measures the flow of money into and out of the asset, was negative at press time.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience.
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