- WIF’s social volume remained higher than SHIB’s.
- Despite the price increase, bearish sentiment surrounding WIF was dominant.
While most cryptos, including trending meme coins, were bleeding, dog hat [WIF] did it differently because the price chart turned green in the last 24 hours.
On the other hand, Shiba Inu [SHIB]the second largest meme coin, fell by more than 7% over the same period.
WIF’s recovery looks remarkable
After a sharp decline on April 14, WIF price gained bullish momentum and recovered quickly.
Although the meme coin’s price fell by more than 20% last week, it was among the handful of crypto coins that managed to increase its price by more than 3% in the past 24 hours.
According to CoinMarketCapAt the time of writing, WIF was trading at $2.81 with a market cap of over $2.8 billion.
Unlike WIF, SHIB remained bearish. The value of the meme coin has fallen by more than 7% in the past 24 hours. At the time of writing, it was valued at $0.00002232 with a market cap of $13.15 billion.
WIF surpassed SHIB not only on the price front, but also on the social front. AMBCrypto’s analysis of Santiment’s data showed that WIF’s social volume remained higher than SHIB’s.
This bearish price action caused the latter’s weighted sentiment to fall despite the green price chart.
Source: Santiment
AMBCrypto then checked WIF’s liquidation heatmap to see the possible targets the meme coin could achieve if the bull rally continues.
According to our analysis of Hyblock Capital’s data, the meme coin has a clear path to $3.9. A successful breakout from that level could see the meme coin reach $4.2 or even $4.5 in the coming weeks.
Source: Hyblock Capital
The possibility of this happening seemed high as some metrics were bullish. For example, Open Interest has risen in recent hours along with the price of the meme coin.
An increase in the measure indicates that the ongoing price trend is likely to continue.
However, nothing can be said for certain as selling pressure on WIF was increasing at the time of going to press.
Lookonchains tweet revealed that in the recent past a whale dumped 1.22 million WIF for 3.13 million USDC at $2.56.
Source: Santiment
What’s going on with Shiba Inu?
While most stats looked optimistic on WIF, the same cannot be said for Shiba Inu. AMBCrypto’s analysis of Santiment’s data indicated that SHIB’s MVRV ratio fell.
Read dog hat [WIF] Price prediction 2024-25
Meanwhile, the NVT ratio spiked, indicating that SHIB was overvalued. This could cause the price of the meme coin to drop further.
Nevertheless, SHIB’s supply on the exchanges fell, indicating that buying pressure was high.
Source: Santiment