The past few days have seen severe losses for the memecoin industry as several well-known memecoins have experienced losses of over 20%. But as at the time of publication, it seemed that things were gradually improving and that sales were increasing.
Dogwifhat [WIF] and Floki Inu [FLOKI] also saw price increases in the past day. WIF increased by 12.92% in this time frame.
Who released the dogs?
WIF's price increase was more noticeable than that of its peers, yet it was still insufficient to reverse the bearish pattern that WIF's prior price movement had established.
Over this time, WIF's OBV (On Balance Volume) also increased dramatically. The increase in OBV indicates that purchasing pressure and market optimism are growing.
The Chaikin Money Flow (CMF) for WIF did not experience a significant increase, staying at -0.02. In spite of the price movement upward, a negative CMF may indicate waning accumulation or buying pressure. This disparity could be a sign that the price trend is not very strong.
In contrast, FLOKI experienced a 7.97% increase and, as of this writing, was trading at $0.000154. Similar to WIF, FLOKI saw a spike but was unable to overcome the negative trend.
What impact did traders feel?
1.37 million worth of short bets against WIF were liquidated in the last day as a result of these price spikes. Because there was no open interest, FLOKI's liquidation was substantially smaller, totaling $112,000 instead of $120,000.
It was observed that, in terms of social media popularity, FLOKI's social volume had drastically decreased in recent days. In addition, the negative sentiment surrounding FLOKI has also decreased.
This demonstrated that FLOKI was not only rarely mentioned on social media, but that the majority of those conversations were unfavorable.
April 2024, Cryptoniteuae