WIF can turn around PEPE in the memecoin race, but ONLY if…

Published in: May 4, 2024

• WIF recorded a massive increase in market capitalization in recent days, while getting closer and closer to PEPE.
• Social volume and sentiment around WIF fell, despite price increase

dog hat [WIF] It has been one of the most popular memecoins on the market in recent months. While memecoin once experienced its fair share of ups and downs, it appears that the altcoin is now on its way to breaking into the top 3 of the memecoin sector.

A successful WIF

In recent days, WIF’s market capitalization has increased significantly. Due to the same, WIF is now very close to surpassing PEPE’s market capitalization and ranking.

However, for WIF to overtake PEPE and claim the number 3 position, WIF price would have to rise significantly higher. Furthermore, although the WIF increased a significant 25% in just 24 hours, it was unable to reverse the prevailing trend in the market. In fact, until the most recent episode of price appreciation, memecoin was on a downward path, hitting multiple lower lows and higher highs on the charts.

For WIF to break out of this downtrend and possibly reach the $4,382 level, it would have to test and surpass the $3,594 level.

However, it is worth noting that the WIF’s CMF (Chaikin Money Flow) was on its side and had increased significantly, a sign of increasing 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, the WIF may undergo a correction in the coming days before rising again.

Looking at social networks

A large majority of the WIF price increase can be attributed to the social volume around the WIF token. However, in the past few days, the social volume around WIF has decreased, which may cause big problems with the price of WIF in the future.

Furthermore, the weighted sentiment around the WIF also fell, suggesting that the number of negative comments around the WIF increased.

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On the other hand, the social volume around PEPE remained constant, while its weighted sentiment grew. The positive outlook around PEPE on social media platforms may give PEPE the right amount of leverage needed to maintain its number 3 position in the memecoin sector. Especially since, along with the WIF, the PEPE also rose double digits on the charts.

This is an automatic translation of our English version.