WIF Rises 3% Amid SHIB’s 7% Drop: End of Memecoin Mania?
The Essentials in Brief
In the last 24 hours, the crypto market has experienced significant movements: While WIF (dogwifhat) has risen by 3%, SHIB (Shiba Inu) recorded a 7% decline. These developments raise questions about the end of the so-called “Memecoin-Mania”. But what really lies behind these numbers, and how might the trend develop in the coming weeks?
WIF’s Impressive Recovery
After a significant drop on April 14th, WIF quickly gained momentum and made a recovery of over 3% in the last 24 hours. Despite a decline of more than 20% in the past week, WIF is among the few cryptocurrencies that have managed to increase their value. Currently, WIF is trading at a price of 2.81 USD, with a market capitalization of over 2.8 billion USD.
SHIB’s Ongoing Bearish Trend
In contrast to WIF, SHIB could not record a positive development. The value of the Memecoin fell by more than 7% within the last 24 hours. Currently, the price is at 0.00002232 USD with a market capitalization of 13.15 billion USD. Despite the overall price decline in the market, SHIB could not benefit from an increase in buying pressure.
Social Dynamics and Market Analysis
WIF outperformed SHIB not only in price but also in terms of social volume. An analysis of the data from Santiment shows that WIF has a higher social activity. A look at the liquidation heatmap of WIF suggests that prices of up to 4.5 USD are possible in the coming weeks if the bull rally continues. However, the selling pressure on WIF has increased at the current time.
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What’s Going on with Shiba Inu?
While WIF shows positive signals, the outlook for SHIB is less rosy. SHIB’s MVRV ratio has fallen, and the NVT ratio suggests that SHIB could be overvalued. This could lead to further price declines. Nevertheless, a decline in the supply of SHIB on exchanges indicates that buying pressure has increased.
Our Assessment
The recent developments with WIF and SHIB show that the Memecoin market continues to be volatile and unpredictable. While WIF shows an impressive recovery, SHIB is struggling with ongoing losses. This dynamic emphasizes the importance of careful analysis and prudent trading in the crypto market. Investors should always keep an eye on the latest market trends and base their investment decisions on sound analyses.
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Sources: AMBCrypto, Santiment, Hyblock Capital
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