Dogwifhat [WIF] has been one of the market's most popular memecoins over the last few months. While once the memecoin saw its fair share...
has been one of the market’s most popular memecoins over the last few months. While once the memecoin saw its fair share of ups and downs, it would seem that the altcoin is now well on its way to break into the memecoin sector’s top-3Over the last few days, the marketcap of WIF has surged significantly. Owing to the same, WIF is now exceedingly close to overtaking PEPE’s marketcap and rank.
For WIF to break past this bearish trend and possibly push itself to the $4.382-level, it would have to test and move past the $3.594-level. Worth noting, however, that the CMF for WIF was on its side and had risen significantly – A sign of rising money flow and buying pressure. However, the RSI had a reading of 74.86, indicating that the price may be in the overbought zone despite all the bullish momentum. Ergo, WIF may see a correction in the next few days before rising higher again.A huge majority of WIF’s price surge can be attributed to the social volume around the WIF token. However, over the last few days, the social volume around WIF declined, which may cause massive problems for WIF’s price in the future.
Additionally, the weighted sentiment around WIF fell too, suggesting that the number of negative comments around WIF grew.On the flipside, social volume around PEPE continued to remain consistent, while its weighted sentiment grew. The positive outlook around PEPE on social media platforms may give PEPE the right amount of edge needed to retain its number 3 position in the memecoin sector. Especially since alongside WIF, PEPE also hiked by double-digits on the charts.
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