Recently, meme coins, which seemed to be losing popularity, might unexpectedly make a comeback in the market. Dogwifhat and Floki Inu have experienced notable price increases over the last few days. However, despite these increases, a clear decline in the popularity of these coins is evident.
Meme Coins Record Losses
The meme coin sector has faced significant losses recently, with many experiencing drops over 20%. However, according to the latest data, this downward trend has reversed, and buyers are starting to return to the market.
In the last 24 hours, Dogwifhat (WIF) and Floki Inu (FLOKI) have seen increases in their prices. WIF’s value rose by 12.92% during this period, drawing attention. However, this increase was not sufficient to completely break the coin’s previous downward trend.
For WIF, the OBV (On-Balance Volume) metric significantly increased during this period. This rise indicates an increase in buying demand and a strengthened expectation of a rise. However, the CMF metric (Chaikin Money Flow) did not increase and remained at -0.02, showing that buying demand or accumulation is weak despite the price increase.
FLOKI rose by 7.97% and is currently trading at $0.000154. However, like WIF, FLOKI has not completely broken its downward trend and continues to navigate through certain uncertainties.
Volatility Impacts Traders
Especially over the weekend, the volatility in the cryptocurrency market had a significant effect on traders. These sudden drops and rises in prices caused investors to review their strategies and reassess their positions. In the last 24 hours, the liquidation of a $1.37 million short position in WIF was notable. This situation shows that those aware of the risks caused by sudden market movements adjusted their positions accordingly.
FLOKI was less affected by liquidations. With no open positions, only a $112,000 liquidation occurred. However, a decline in FLOKI’s social media popularity was observed. In recent days, a significant decrease in the social volume of Floki Inu has been noted. This situation can be interpreted as FLOKI being discussed less on social media platforms, with the existing discussions being negative.
WIF also experienced a similar drop in social volume and sentiment. However, WIF’s social volume still does not appear to have dropped to the same levels as FLOKI. This situation indicates that WIF still retains a certain level of popularity and continues to attract interest among traders.
