Iggy Azalea’s MOTHER is leading the charge against WIF. What next?
- MOTHER, a memecoin by pop musician Iggy Azalea, surpassed WIF’s trading volume significantly WIF’s social popularity has declined over the last few days too
A few months ago, Dogwifhat[WIF] was one of the market’s favorite memecoins for whales and retail traders alike. However, the last few weeks have seen newer memecoins garnering significant attention and capturing much of WIF’s own spotlight.
Will WIF holders see red?
MOTHER, a popular memecoin created by Iggy Azalea, is one such memecoin, with the crypto wildly popular across social media. In fact, such has been the scale of its popularity that the altcoin managed to surpass the trading volume for WIF by a significant margin.
Source: DEXScreener
At press time, WIF was trading at $3.25, with its price down by 3.20% in the last 24 hours. The memecoin’s price saw major fluctuations over the past few weeks, moving between the $4.1243 and $1.9586 levels. No bullish or bearish trend has been established due to the high volatility exhibited by this memecoin.
The RSI (Relative Strength Index) for WIF declined to 41.84 over the last few days. This indicated that bullish momentum around WIF had fallen significantly. Moreover, the CMF (Chaikin Money Flow) also fell to -0.27. A declining CMF is a sign of capital outflows across WIF’s market.
If this trend continues, the altcoin’s price could retest its $2.479 levels in the future.
Source: Trading View
Looking at market sentiment
Another factor that could influence WIF significantly would be its popularity on social media platforms. AMBCrypto’s analysis of Santiment’s data revealed that the social volume for WIF fell. Coupled with that, the weighted sentiment around WIF also declined significantly over the last few days.
A falling weighted sentiment meant that the number of negative comments around WIF outweighed positive ones, at the time of writing.
Source: Santiment
Declining social volume and falling sentiment could lend more downward pressure to the market.
Traders shared a similar sentiment. In fact, an examination of Coinglass’ data revealed that the number of short positions taken against WIF had surged over the past few days. The percentage of shorts grew from 48% to 52.5% over the past week.
WIF’s price could see some green in the future, if the popularity of newly introduced memecoins dies down. And, if WIF manages to regain some of its lost market share.
Source: Coinglass
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