- WIF registered a massive surge in on-chain volume over the last few days
- WIF’s social volume hiked too, despite the sentiment around the token falling
Dogwifhat [WIF] has been one of the market’s most popular memecoins over the last few months. As expected, this has translated into a hike in its volumes, with its network growing accordingly too.
Volumes on the rise
According to recent data, the on-chain volume on WIF grew significantly over the last 24 hours. This contributed to the memecoin surpassing other established networks in this domain.
Source: X
One of the reasons for this would be the ever-growing popularity of the WIF network. AMBCrypto’s examination of Santiment’s data revealed that the social volume around WIF has remained high over the past month. However, there was a trend observed that could impact WIF negatively in the social sphere.
Weighted sentiment, a metric used to determine the sentiment of the conversations being had on the social front for a token or a network, declined significantly over the past few days.
This meant that pessimism around WIF grew, affecting the token’s price negatively.
Source: Santiment
A look at the memecoin’s price
Since 01 April, after hitting the $4.857-level, the price of WIF declined significantly on the charts. Over this period, the price hit multiple lower lows and lower highs, establishing a bearish trend. However, the trend could reverse itself soon provided there is enough bullish momentum around WIF. The $3.502-level has been tested multiple times and has been weakened over the last week.
If this continues the price may be able to push past this resistance and aim for the $4.382-level in the future.
The CMF (Chaikin Money Flow) for WIF also fell significantly over the last few days. This indicated that the money flow for WIF had fallen materially.
However, the RSI (Relative Strength Index) for WIF sustained its uptrend, implying that the bullish momentum around WIF was relatively high.
Source: Trading View
Whales move in
Another factor that could affect WIF’s price would be whale behaviour. Based on lookonchain’s data, a whale recently invested 4.2 million USDC to purchase 1.4 million WIF tokens at a price of $2.99.
This whale, who has been trading WIF since early on, amassed a total profit exceeding $8 million from WIF transactions.
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Source: X