Dogwifhat (WIF) has surged as the leading meme coin in the past 24 hours, experiencing a 12.34% price increase.
Despite the price increase, WIF’s Weighted Sentiment remains negative at -0.95, suggesting that the meme coin is not near its peak.
The positive Funding Rate indicates a rising demand for long positions.
This significant surge comes after the token endured a prolonged downturn period, raising questions about whether the current market perception of WIF is in line with its recent performance.
Meme Coin Fever Not Yet at Its Peak
According to data from Santiment, WIF’s Weighted Sentiment, which considers the number of mentions of an asset while tracking those expressed in a positive or negative manner, currently sits at -0.95.
A negative reading indicates that there are more pessimistic comments online, while a positive reading suggests that the broader market is optimistic about the price potential.
In the case of WIF, the negative Weighted Sentiment, combined with the recent price increase, implies that the meme coin is far from reaching its peak. This divergence between market sentiment and price action suggests that there is still room for further growth.
If the sentiment were extremely positive alongside the price jump, it could indicate that WIF is nearing a significant correction period. However, given the current situation, the upswing has the potential to continue.
Despite the broader negative sentiment, traders appear to be positioning themselves for a further price hike. This is evident from the Funding Rate, which represents the difference between a cryptocurrency’s perpetual and spot prices.
