Dogwifhat Faces Setback as Investor Interest Wanes: What’s Next for WIF?
Release: 2024/08/24 01:59 Reading: 784
Dogwifhat (WIF) Experiences Decline in Social Engagement and Investor Interest
Social Traction Fades
Dogwifhat (WIF) witnessed a significant decline in social traction after reaching its peak earlier this year. Data from Kaito reveals that WIF-related posts on social media platforms have garnered significantly less attention, particularly among influential crypto personalities.
Negative Investor Sentiment
WIF's social media presence has waned, mirroring a negative shift in investor perception. In recent months, WIF's spot net flows have remained negative due to low demand from traders and investors. Outflows intensified in August, pushing WIF's price to a low of $1.07.
Bearish Technical Indicators
WIF's price action in August reflects the bearish sentiment. Technical indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicate limited recovery prospects.
Shorting in Futures Market
Shorting of WIF by futures market traders has exacerbated the bearish trend. According to Coinglass, over 50% of open interest on WIF futures contracts was bearish over the weekend.
Industry-Wide Trend
WIF's price decline aligns with a wider downward trend in the memecoin market. Leading memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have also experienced price depreciation. Dogecoin, the largest memecoin by market capitalization, has fallen by approximately 10% in the past nine days.
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