Can the developers do something? This is one question that might be rampant in the community of memecoins like dogwifhat [WIF], Bonk [BONK]
Can the developers do something? This is one question that might be rampant in the community of meme coins likeIn the last 24 hours, the market experienced a massive correction. But out of all the categories, meme coins seem to be the most affected by the dump.At press time, the price of WIF plunged by 13.17. Ethereum-based PEPE was not left out of the ambush, as its price decreased by a massive 17.02%.
The recent decline could be attributed to the widespread profit-taking in the market. A few weeks back, the market was agog asHowever, one question that could be running through the minds of traders is if the nosedive is a rare opportunity. Whether it is or not, AMBCrypto will check using on-chain data.a buy signal is the Social Dominance. According to Santiment, Social Dominance can help to measure the hype around projects.
At press time, WIF’s dominance was down to $0.451%. BONK decreased to 0.258% while PEPE also saw a decline to $0.795%.But in crypto, buying opportunities usually appear when a large part of the market is not looking in a certain direction. Therefore, the declining Social Dominance could be profitable for participants looking to “buy fear and sell euphoria.”As of this writing, WIF’s volume rose to 1 billion, indicating that transactions involving the Solana-themed memecoin increased. If the volume continues to increase while the price falls, the price could decline further before it rebounds.However, the state of BONK’s volume was different from that of WIF and PEPE.
The inference AMBCrypto picked up from this was that the price of the token might bounce first before other meme coins follow.Victor is a full-time journalist at AMBCrypto. Before his sojourn into the world of journalism, he was a “buy the top, sell the bottom” merchant while doubling as a sales funnel copywriter. Victor’s focus is the exciting on-chain landscape of the cryptocurrency market and its underlying technology. His other interests include politics, Afrobeats, sports, and marketing.
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