WIF rises 3%, shIB drops 7% in 24 hours: ‘Memecoin mania’ ends?
WIF rises 3%, SHIB drops 7% in 24 hours: ‘Memecoin mania’ ends?
As Shiba Inu bleeds, dogwifhat gains bullish momentum and rises by more than 3%.
Bearish sentiment around WIF was dominant despite the price rise.
While most cryptos, including trending meme coins, bled, dogwifhat [WIF] performed differently as its price chart turned green in the last 24 hours.
On the other hand, Shiba Inu [SHIB], the second-largest meme coin, was down by over 7% during the same period.
WIF’s recovery looks remarkable
After a sharp drop on the 14th of April, WIF’s price gained bullish momentum and quickly recovered.
Though the meme coin’s price had fallen by more than 20% last week, it was among the handful of cryptos that managed to push its price up by over 3% in the last 24 hours.
According to CoinMarketCap, at the time of writing, WIF was trading at $2.81 with a market capitalization of over $2.8 billion.
Unlike WIF, SHIB remained bearish. The meme coin’s value sank by over 7% in the last 24 hours. At press time, it was valued at $0.00002232 with a market cap of $13.15 billion.
Not only did WIF outshine SHIB on the price
What’s going on with Shiba Inu?
While most metrics looked bullish on WIF, the same can’t be said for Shiba Inu. AMBCrypto’s analysis of Santiment’s data pointed out that SHIB’s MVRV ratio dropped.
Meanwhile, its NVT Ratio spiked, suggesting that SHIB was overvalued. This can cause the meme coin’s price to plummet further.
Nonetheless, SHIB’s Supply on Exchanges dropped, indicating buying pressure on it was high.
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