- The price action of both Popcat and cat in a dogs world has a strongly bearish bias for the coming weeks.
- The sentiment behind both memes was neutral in the futures market, but one of them saw heightened spot demand recently.
As a seasoned researcher with years of experience analyzing the cryptocurrency market, I have witnessed countless trends and shifts in sentiment. After carefully examining the current state of Popcat [POPCAT] and cat in a dog’s world [MEW], I believe that the short-term outlook is more bullish for POPCAT.
Over the past month, the prices for Popcat (POPCAT) and Mew (CAT) in a Dog’s World have been decreasing consistently.
I’ve noticed that my investments in meme coins have mirrored the broader market trend, which seems to have taken a dip since mid-November.
As an analyst, I’ve observed that both POPCAT and MEW hold significant market caps: $741.9 million for POPCAT and $563 million for MEW at the time of press. An earlier speculation by AMBCrypto hinted at a potential overtaking of POPCAT by MEW, but as of now, this scenario has yet to materialize.
Is it possible that a change in the positions of meme coins could happen soon, and if so, will MyEtherWallet (MEW) be the one showing more strength in the upcoming weeks?
Sentiment has been firmly bearish recently
In simpler terms, AMBCrypto analyzed the general mood and popular topics surrounding both coins. The Weighted Sentiment for POPCAT during the last month was predominantly negative, suggesting a low level of excitement in online conversations about it.
The decrease in social activity can be attributed to the drop in coin prices and a reduction in the number of market players discussing it online.
In the last couple of weeks, other digital currencies besides Bitcoin have gained popularity, whereas meme coins have experienced a decline.
In mid-November, the Weighted Sentiment of MEW exhibited an upward trajectory that soon changed direction. Similar to POPCAT, MEW’s social activity and consequently its influence have been on a downward slope for the past month.
Short-term outlook more bullish for POPCAT
The data from Coinalyze shed light on the short-term sentiment behind the two memes. The Open Interest for Popcat has remained steady at around the $165 million-$170 million mark over the past week.
This indicated that speculators chose to stay on the sidelines due to a lack of confidence in a substantial short-term movement, whether it was an uptrend (bullish) or a downtrend (bearish).
The spot CVD was trending strongly higher, a sign of potential price gains in the coming days.
Behind MEW, the amount of ongoing contracts (Open Interest) remained close to $28 million, indicating a decrease in anticipation for speculative activity.
Yet, the much lower OI numbers meant POPCAT was the more popular asset in the futures market. The spot CVD has been static in recent days.
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In summary, neither the societal nor market predictions about MEW showed signs of increased bullish enthusiasm, which is crucial for a meme coin to overtake others in value. This factor is vital for flipping a meme coin.
Despite minor differences, the behavior of both cat-themed stocks (POPCAT and its counterpart) has shown a striking similarity over the past period. However, it’s important to note that POPCAT has experienced a greater decrease in value during the last month.
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2024-12-27 00:07