- Floki Inu outperformed Dogwifhat in terms of market cap.
- In terms of popularity on the social front, Floki took the lead.
Meme coins Floki Inu [FLOKI] and Dogwifhat [WIF] have been competing for market share for quite some time.
WIF is a new entrant in the sector, and per the unwritten rules of the meme coin space, newcomers get all the hype.
FLOKI vs. WIF
However, in the last 24 hours, FLOKI managed to beat WIF in terms of market cap. There was a significant discrepancy between the price movements of both tokens.
In the past week, the price of FLOKI grew by 9.46%, while WIF declined by 18% during the same period.
Source: CoinMarketCap
WIF’s price decline occurred after a large period of sideways movement, where its price fluctuated from $4.00 to $2.4794.
Based on the current trajectory of the meme coin’s price, it appeared that it could reach those levels yet again before seeing a reversal.
The RSI (Relative Strength Index) for WIF fell to 26.54, indicating that it had reached the oversold territory.
However, the CMF (Chaikin Money Flow) for WIF declined materially, implying that the money flowing into the WIF token had decreased. Other factors such as social volume and sentiment may also affect WIF.
Source: Trading View
AMBCrypto’s examination of Santiment’s data revealed that the Social Volume for the token had declined significantly in the last few days. This implied that the popularity of this meme coin had waned.
Weighted Sentiment for WIF had also fallen, reflecting an uptick in negative comments around the token had surged significantly over the last few days.
Source: Santiment
What about FLOKI?
In contrast to this, FLOKI was doing relatively well. Social Volume was on the rise, and Weighted Sentiment was positive, implying more dominance in social media at the time of writing.
Source: Santiment
Despite the positive price movement and popularity seen by FLOKI, there were a few problems that the meme coin faced during this period.
Realistic or not, here’s FLOKI’s market cap in DOGE terms
The Network Growth at which FLOKI was trading had declined, implying that new addresses were losing interest in the FLOKI token rapidly.
The velocity at which FLOKI was trading at had also fallen, suggesting that the frequency at which FLOKI was trading had slowed down.
Source: Santiment