WIF rises 13% and FLOKI is up 8%: Are memecoins back?

• WIF and Floki witness a massive surge in price after facing multiple corrections.
• Popularity of both FLOKI and WIF declined despite price uptick.

The memecoin sector suffered massively in the last couple of days as many popular memecoins saw drawbacks of more than 20%. However, at press time, it appeared that things were slowly getting better and buyers were coming in.

In the last 24 hours, both dogwifhat [WIF] and Floki Inu [FLOKI] observed an uptick in price. WIF surged by 12.92% during this period.

Who let the dogs out?

Even though WIF’s surge in price was more pronounced than its counterparts, it still wasn’t large enough to break the bearish trend created by WIF’s previous price movement.

The OBV (On Balance Volume) for WIF surged significantly as well during this period. The surge in OBV suggests increasing buying pressure and bullish sentiment in the market.

The CMF (Chaikin Money Flow) for WIF did not surge as much and remained at -0.02. A negative CMF despite the price moving up could imply weakening buying pressure or accumulation. This divergence might indicate a lack of conviction in the price trend.

Source: Trading View

FLOKI, on the other hand, surged by 7.97%  and it was trading at $0.000154 at the time of writing. FLOKI suffered the same fate as WIF and wasn’t able to break past the bearish trend despite the surge.

How were traders affected?

Due to these surges in price, 1.37 million worth of short positions taken against WIF were liquidated in the last 24 hours. For FLOKI, the liquidation was much less and amounted to $112,000 due to the lack of open interest.

Source: Coinglass

In terms of social media popularity, it was seen that the social volume around FLOKI had declined significantly over the last few days. Coupled with that, the weighted sentiment around FLOKI had also declined.

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

This showcased that not only was FLOKI not being frequently discussed on social media platforms, but also a large part of the discussions were negative in nature.

Source: Santiment

WIF witnessed a similar pattern of declining social volume and sentiment. However, the social volume for WIF did not fall to the same levels as FLOKI’s indicating that it still retained some level of popularity.

Source: Santiment