Floki Inu has surpassed Dogwifhat in market cap, showing its stronger appeal in the cryptocurrency market. This shift reflects a growing preference among investors and enthusiasts for Floki Inu over Dogwifhat, indicating its potential for more robust growth and stability in the evolving digital currency landscape.
Meme coins Floki Inu (FLOKI) and Dogwifhat (WIF) have been competing for market share for a while. WIF, being a new entrant, has received a lot of hype, as is common for newcomers in the meme coin space.
FLOKI Surpasses WIF in Market Cap Amid Price Divergence
In the last 24 hours, Floki Inu (FLOKI) managed to surpass Dogwifhat (WIF) in terms of market cap. There was a significant discrepancy between the price movements of both tokens. WIF’s price decline followed a prolonged period of sideways movement, where its price fluctuated between $4.00 and $2.4794.
Based on the current trajectory of WIF’s price, it appears that it could reach those levels again before seeing a reversal. The Relative Strength Index (RSI) for WIF fell to 26.54, indicating that it had reached oversold territory.
However, the Chaikin Money Flow (CMF) for WIF declined significantly, implying a decrease in the money flowing into the WIF token. Other factors such as social volume and sentiment also impacted WIF.
Data from Santiment revealed that the social volume for WIF had declined significantly in the last few days, indicating a decrease in the token’s popularity. Additionally, the weighted sentiment for WIF had fallen, reflecting a significant surge in negative comments around the token over the last few days.
Floki Inu Gains Popularity Despite Facing Challenges
In contrast to Dogwifhat, Floki Inu (FLOKI) was performing relatively well. Social volume was on the rise, and weighted sentiment was positive, indicating more dominance on social media at the time of writing.
Despite the positive price movement and popularity seen by FLOKI, there were a few problems that the meme coin faced during this period. The network growth of FLOKI had declined, suggesting that new addresses were rapidly losing interest in the token.
Additionally, the velocity at which FLOKI was trading had also fallen, indicating a slowdown in the frequency of trades involving the token.
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