- MOTHER, a memecoin from pop musician Iggy Azalea, significantly exceeded WIF’s trading volume
- WIF’s social popularity has also declined in recent days
A few months ago, Dogwifhat[WIF] was one of the favorite memecoins on the market, for whales and retailers alike. However, in recent weeks, newer memecoins have gained a lot of attention and captured much of the spotlight from WIF.
Will WIF holders see red?
MOTHER, a popular memecoin created by Iggy Azalea, is one such memecoin, with the crypto being extremely popular on social media. In fact, its popularity is so great that the altcoin managed to surpass the trading volume for WIF by a significant margin.
Source: DEXScreener
At the time of writing, WIF was trading at $3.25, with its price down 3.20% over the past 24 hours. The price of the memecoin has seen wide fluctuations in recent weeks, moving between the $4.1243 and $1.9586 levels. No bullish or bearish trend has been identified due to the high volatility of this memecoin.
The RSI (Relative Strength Index) for WIF fell to 41.84 in recent days. This indicated that the bullish momentum around WIF had dropped significantly. Moreover, the CMF (Chaikin Money Flow) also fell to -0.27. A falling CMF is a sign of capital outflow in the WIF market.
If this trend continues, the altcoin’s price could retest its $2,479 level in the future.
Source: trading view
Looking at the market sentiment
Another factor that could significantly influence WIF is its popularity on social media platforms. AMBCrypto’s analysis of Santiment’s data showed that social volume for WIF declined. Coupled with this, weighted sentiment around WIF has also fallen significantly in recent days.
A declining weighted sentiment meant that the number of negative reactions surrounding WIF at the time of writing outweighed the positive ones.
Source: Santiment
Declining social volume and sentiment could put more downward pressure on the market.
Traders shared a similar sentiment. In fact, an examination of Coinglass data showed that the number of short positions taken against WIF had soared in recent days. The percentage of shorts grew last week from 48% to 52.5%.
Read dogwifhat’s [WIF] Price forecast 2024-25
The price of WIF could turn a bit green in the future, if the popularity of newly introduced memecoins decreases. And if WIF manages to regain some of its lost market share.
Source: Coinglass