- WIF and Floki witness a massive surge in price after facing multiple corrections.
Popularity of both FLOKI and WIF declined despite price uptick.
In the past few days, the memecoin market experienced significant setbacks with several well-known memecoins losing over 20% of their value. At present, however, there are signs of improvement as investors seem to be making purchases once more.
Over the past day, both Dogecoin (WIF) and Floki Inu (FLOKI) experienced a price increase. Dogecoin went up by 12.92%.
Who let the dogs out?
Despite a greater increase in WIF‘s price compared to its peers, this rise didn’t manage to reverse the downward trend that had been established by WIF’s past price action.
During this timeframe, the On Balance Volume (OBV) of WIF experienced a notable increase. This rise in OBV indicates growing purchasing activity and optimistic market feelings towards WIF.
The Chaikin Money Flow (CMF) indicator for WIF stayed at -0.02 instead of increasing significantly as one might expect given the rising prices. A negative CMF value, even with an uptrend, could suggest weaker buying pressure or insufficient accumulation. This disparity between price movement and CMF could be a sign of uncertainty or doubt among investors regarding the trend’s strength.
While FLOKI experienced a gain of 7.97%, its price stood at $0.000154 during this writing. However, like WIF, FLOKI failed to overcome the downward trend.
How were traders affected?
In the past day, price increases led to the liquidation of $1.37 million in short positions opposing WIF. The situation was quite different for FLOKI, with only $112,000 worth of short positions being terminated due to minimal open interest.
Over the past few days, the buzz about FLOKI on social media noticeably decreased, and the overall feeling towards it became less positive.
Read dogwifhat’s [WIF] Price Prediction 2024-25
The conversations about FLOKI on social media weren’t common, and when they did occur, they often contained negative remarks.
WIF experienced a decrease in social chatter and positivity similar to FLOKI‘s. Yet, WIF‘s social activity did not drop as drastically, suggesting that it still enjoyed some degree of fan base appeal.
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2024-04-15 14:15