Memecoins
FLOKI Beats WIF in Market Cap: Where Will Memecoins Go Next?
- Floki Inu has outperformed Dogwifhat in terms of market capitalization.
- In terms of popularity on the social front, Floki has taken the lead.
Meme coins Floki Inu [FLOKI] AND Dogwifhat [WIF] they have been competing for market share for a long time.
WIF is a new entrant into the industry, and by the unwritten rules of the meme coin space, newcomers get all the hype.
FLOKI vs. WIF
However, in the last 24 hours, FLOKI managed to beat WIF in terms of market capitalization. There has been a significant discrepancy between the price movements of both tokens.
Over the past week, the price of FLOKI has increased by 9.46%, while in the same period, the price of WIF has decreased by 18%.
Source: CoinMarketCap
WIF’s price decline occurred after a long period of sideways movement, in which its price fluctuated from $4.00 to $2.4794.
Based on the meme coin’s current price trajectory, it looked like it could reach those levels again before seeing a reversal.
WIF’s RSI (Relative Strength Index) fell to 26.54, indicating that it had reached oversold territory.
However, the CMF (Chaikin Money Flow) for WIF has decreased substantially, implying that the money flowing into the WIF token has decreased. Other factors such as social volume and sentiment can also influence WIF.
Source: Commercial View
AMBCrypto’s examination of Santiment data revealed that the token’s social volume has declined significantly in recent days. This implied that the popularity of this meme coin had declined.
Weighted sentiment for WIF also declined, reflecting an increase in negative comments on the token which has increased significantly in recent days.
Source: Santimento
And what about FLOKI?
In contrast, FLOKI was doing relatively well. Social volume was up and weighted sentiment was positive, implying greater social media dominance at the time of this writing.
Source: Santimento
Despite the positive price movement and popularity experienced by FLOKI, there were some issues that the meme coin faced during this period.
Realistic or not, that’s it FLOKI’s market capitalization in DOGE terms
The growth of the network on which FLOKI was being traded had declined, implying that new addresses were rapidly losing interest in the FLOKI token.
The rate at which FLOKI was traded had also decreased, suggesting that the rate at which FLOKI was traded had slowed.
Source: Santimento