- Memecoin sector took a massive hit after SHIB, WIF and PEPE saw corrections
Traders were particularly bearish towards PEPE
The memcoin market experienced impressive expansion starting the new year. Yet, this expansion came to an abrupt end following Bitcoin‘s dip below $67,000, triggering a broad market downturn. Consequently, coins like SHIB, PEPE, and WIF were affected since they closely follow Bitcoin’s price movements.
All good things come to an end?
Over the past day, memcoins such as Dogecoin (WIF), Pepe Coin (PEPE), and Shiba Inu (SHIB) experienced substantial price decreases. According to AMBCrypto’s assessment of data from CoinMarketCap, WIF dipped by 21.33%, SHIB fell by 12.50%, and PEPE dropped by 19.23%.
PEPE and SHIB had been trading laterally for an extended period prior to this recent price adjustment. However, those holding WIF were taken aback as WIF’s market behavior showed no indication of letting up on the price graphs.
One major factor influencing the price fluctuations of memecoins is their popularity on social media. Among the three memecoins, WIF stood out with the most buzz on social media platforms. Compared to PEPE and SHIB, WIF had a significantly larger social presence.
PEPE and SHIB require greater recognition and buzz on social media platforms for potential price growth. However, if WIF maintains its market grip and public interest, it becomes more challenging for other memecoins like PEPE and SHIB to keep up.
Taking a look at the sentiment
At the time of writing, the emotions surrounding SHIB and PEPE were generally favorable based on Santiment’s analysis. The data indicated an increase in positive remarks compared to negative ones for both cryptocurrencies.
WIF faced challenges in this area lately. The overall sentiment towards the token, as indicated by the weighted analysis, dropped noticeably within the past few days. This downturn could be attributed to WIF‘s recent price decline. Since there isn’t a self-contained ecosystem or community for WIF, most opinions about the token are closely linked to its market fluctuations.
Due to this, when market drawdowns occur, tokens like WIF are extremely vulnerable.
Although some traders hold a pessimistic view, many others have maintained a balanced approach towards WIF and SHIB, with an equal number taking long and short positions.
At present, traders showed great pessimism towards PEPE, as shown in Coinglass’ statistics with around 52% of short positions established during the recent hours.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
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2024-04-13 23:03