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Recently, it might seem that meme coins like Dogwifhat and Floki Inu have lost their popularity, but they have experienced notable price increases in the last few days. Despite these increases, a clear decline in their popularity is evident.
Meme Coins Record Losses
The meme coin sector has faced significant losses recently, with many seeing drops of over 20%. However, recent data suggests a reversal in this downtrend, with buyers starting to re-enter the market.
In the last 24 hours, increases in the prices of Dogwifhat (WIF) and Floki Inu (FLOKI) were observed. WIF’s value increased 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, indicating a rise in market buying demand and stronger bullish expectations. However, the CMF (Chaikin Money Flow) metric did not increase and remained at -0.02, showing that despite the price increase, the buying demand or accumulation is weak.
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
Particularly over the weekend, volatility in the cryptocurrency market had a significant impact 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 social volume on Floki Inu was noted, which can be interpreted as less discussion on social media platforms and the nature of existing discussions being negative.
WIF also experienced a similar decline in social volume and sentiment. However, WIF’s social volume still appears not to have dropped to the same levels as FLOKI, indicating that WIF still retains a certain level of popularity and interest among traders.
