- Floki Inu outperformed Dogwifhat in terms of market capitalization.
- In terms of popularity on a social level, Floki took the lead.
Meme coins Floki Inu [FLOKI] and Dogwifhat [WIF] have been competing for market share for some time.
WIF is a newcomer to the industry, and according to the unwritten rules of the meme coin space, newcomers get all the hype.
FLOKI vs. WIF
However, over the past 24 hours, FLOKI managed to beat WIF in terms of market capitalization. There was a significant discrepancy between the price movements of both tokens.
Over the past week, FLOKI’s price rose 9.46%, while WIF fell 18% over the same period.
Source: CoinMarketCap
WIF’s price drop occurred after a long period of sideways movement, with the price fluctuating from $4.00 to $2.4794.
Based on the current trajectory of the meme coin’s price, it seemed like it could reach these levels again before a reversal.
The RSI (Relative Strength Index) for WIF fell to 26.54, indicating that it has reached oversold territory.
However, the CMF (Chaikin Money Flow) for WIF dropped significantly, implying that the flow of money into the WIF token had decreased. Other factors such as social volume and sentiment can also influence WIF.
Source: trading view
AMBCrypto’s examination of Santiment’s data found that social volume for the token had decreased significantly in recent days. This implied that the popularity of this meme coin had declined.
Weighted sentiment for WIF had also fallen, following a rise in negative comments surrounding the token that had increased significantly in recent days.
Source: Santiment
What about FLOKI?
FLOKI, on the other hand, did relatively well. Social volume increased and weighted sentiment was positive, implying greater social media dominance at the time of writing.
Source: Santiment
Despite FLOKI’s positive price movement and popularity, there were some issues that the meme coin faced during this period.
Realistic or not, here is FLOKI’s market cap in DOGE terms
The network growth on which FLOKI traded had declined, implying that new addresses were quickly losing interest in the FLOKI token.
The speed at which FLOKI traded had also decreased, indicating that the frequency at which FLOKI traded had decreased.
Source: Santiment