WIF rises 3%, SHIB drops 7% in 24 hours: ‘Memecoin mania’ ends?

    WIF’s social volume remained higher than that of SHIB.
    Bearish sentiment around WIF was dominant despite the price rise.

Despite a majority of cryptocurrencies, even popular meme coins, experiencing price declines in the previous 24 hours, dogwifhat (WIF) bucked the trend with its green price chart.

Meanwhile, SHIB, the second-largest meme coin, experienced a decrease of more than 7% in the same timeframe.

WIF’s recovery looks remarkable 

After a sharp drop on the 14th of April, WIF’s price gained bullish momentum and quickly recovered.

Despite a drop of over 20% in value for the meme coin last week, it stood out as one of the few cryptocurrencies that saw a rise of more than 3% in the previous 24-hour period.

Based on current data from CoinMarketCap, the price of WIF is $2.81 and its total market value exceeds $2.8 billion.

Instead of increasing like WIF did in the previous context, SHIB experienced a downturn. Its value decreased by more than 7% within the last 24 hours. Currently, its value is at $0.00002232 and boasts a market capitalization of $13.15 billion.

In addition to surpassing SHIB in terms of price, WIF also shone brighter on the social scene according to AMBCrypto’s examination of Santiment’s data. The social activity level of WIF was found to be consistently greater than that of SHIB.

Despite the bullish appearance of its price chart, this bearish market behavior led to a decrease in the stock’s Weighted Sentiment.

WIF rises 3%, SHIB drops 7% in 24 hours: ‘Memecoin mania’ ends?

After examining WIF‘s liquidation heatmap with AMBCrypto, we can identify potential price levels for the meme coin should the bull market continue.

Based on our examination of Hyblock Capital’s figures, the meme coin is projected to reach around $3.9. If this resistance level is surpassed, the meme coin might climb further and potentially hit $4.2 or even $4.5 within a few weeks.

WIF rises 3%, SHIB drops 7% in 24 hours: ‘Memecoin mania’ ends?

It was quite likely for this event to occur given that some key indicators showed positivity. For example, its Open Interest grew significantly within the past few hours, mirroring the surge in the price of the meme coin.

A rise in the metric indicates that the chances of the ongoing price trend continuing are high.

Despite this, it’s important to note that no definitive conclusions can be drawn, since the demand for WIF was weakening and sellers were actively pushing down its price at the current moment.

A large investor, referred to as a whale on Lookonchain, sold off 1.22 million worth of WIF tokens and bought roughly 3.13 million US Dollars Coin (USDC) at a price of around $2.56 in a previous transaction.

WIF rises 3%, SHIB drops 7% in 24 hours: ‘Memecoin mania’ ends?

What’s going on with Shiba Inu?

According to most performance indicators, Shiba Inu’s trends were less favorable compared to WIF. A closer examination of Santiment’s statistics by AMBCrypto revealed that the MVRV (Market Value to Realized Value) ratio for SHIB had decreased.

Read dogwifhat’s [WIF] Price Prediction 2024-25

Simultaneously, the NVT Ratio of SHIB surged, implying that the meme coin might be overpriced based on its fundamental value. Consequently, this could lead to a more significant drop in SHIB’s price.

Nonetheless, SHIB’s Supply on Exchanges dropped, indicating buying pressure on it was high. 

WIF rises 3%, SHIB drops 7% in 24 hours: ‘Memecoin mania’ ends?

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2024-04-15 04:00