- WIF’s Open Interest dropped alongside its price.
- Bearish sentiment remained dominant on SHIB and DOGE.
Meme coins such as dogwifhat [WIF], Shiba Inu [SHIB], and Dogecoin [DOGE] have created buzz with their volatile price actions in the recent past.
But as the market condition turned bearish, these tokens lost a substantial amount of their market caps.
WIF might turn bullish soon
WIF, one of the newest entrants in the meme coin ecosystem, entered the market with a storm. It swiftly climbed up the ladder and surpassed PEPE in terms of market capitalization.
The past week was also in the best interest of investors, as the token’s value surged by 19%. However, the tables turned in the last 24 hours as its price sank by 9.6%.
At the time of writing, WIF was trading at $3.67 with a market cap of over $3.66 billion. But things can again turn in investors’ favor, as suggested by a few metrics.
WIF’s Funding Rate dropped, meaning that derivatives investors were not buying WIF at its lower price. Additionally, its Open Interest also went down.
A drop in the metric usually suggests that the possibility of a trend reversal is high.
We then checked WIF’s 4-hour chart to see what indicators had to suggest. As per our analysis, WIF’s Money Flow Index (MFI) registered a downtick from the neutral mark, which was bearish.
However, its Chaikin Money Flow (CMF) took the other route and went upwards, hinting at a price uptick. In order for WIF to initiate a bull rally, its price mi
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Author: Dipayan Mitra
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