31 May

Solana-based memecoins like dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT) have paused their recent rallies. WIF lost 9.92% of its value in the last 24 hours, while BONK and POPCAT experienced decreases of 7.49% and 11.31%, respectively. 

This suggests a shift in selling pressure compared to previous days when these tokens were showing signs of surpassing their all-time highs.

Despite earlier discussions about potential new highs, sentiment around these projects has turned more negative. WIF's Weighted Sentiment dropped to -0.186, indicating a predominance of negative comments, making it challenging for the token to attract demand in the short term. Similarly, POPCAT's sentiment was at -0.642, while BONK's sentiment, though negative, remained above the critical threshold.

However, traders in the derivatives market remain confident in a rebound, as indicated by the Long/Short ratio, which is above 1 for BONK, WIF, and POPCAT, suggesting bullish sentiment. 

Additionally, social dominance metrics show a decrease in discussions about WIF but an increase in discussions about BONK and POPCAT. This suggests that BONK and POPCAT might lead any potential recovery, with WIF potentially following suit afterward.

May 2024, Cryptoniteuae

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