FLOKI beats WIF in market cap: Where will the memecoins head next?

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Floki Inu significantly surpassed Dogwifhat in market cap, showcasing its growing dominance in the memecoin sector.

WIF is a new entrant in the sector, and per the unwritten rules of the meme coin space, newcomers get all the hype.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.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.However, the CMF 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.AMBCrypto’s examination of Santiment’s data revealed that the Social Volume for the token had declined significantly in the last few days.

Weighted Sentiment for WIF had also fallen, reflecting an uptick in negative comments around the token had surged significantly over the last few days.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.Despite the positive price movement and popularity seen by FLOKI, there were a few problems that the meme coin faced during this period.

The velocity at which FLOKI was trading at had also fallen, suggesting that the frequency at which FLOKI was trading had slowed down.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.Subscribe to get it daily in your inbox.

 

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