dogwifhat faces pressure despite strong memecoin market share – Why?
The post dogwifhat faces pressure despite strong memecoin market share – Why? appeared on BitcoinEthereumNews.com.
WIF claimed 16.80% of memecoin trading volume despite a 20% weekly decline, maintaining a second position in sector activity. The Long/Short Ratio at 0.7721 signaled bearish sentiment, with 56.43% shorts. Despite recent market pressures, the memecoin sector continued to evolve rapidly in 2025, with dogwifhat [WIF] token maintaining its position among the leading players. WIF’s performance offers insights into the broader memecoin ecosystem dynamics as new entrants and established tokens compete for market dominance. WIF dominates memecoin trading activity According to data from Dune Analytics, WIF has maintained a prominent position among top trending memecoins in recent days. The memecoin trading volume to circulating market cap ratio reached new heights on the 22nd of January, with the newly launched TRUMP coin capturing 37.43% of activity, while WIF secured the second position at 15.56%. Recent data shows TRUMP’s share has decreased to 29.43%, while WIF has experienced a modest increase to 16.80%. Source: DuneAnalytics CoinGecko data revealed that the total memecoin market capitalization stood at approximately $109 billion, with dog-themed tokens, including WIF, accounting for $71 billion. Despite WIF’s substantial $1.2 billion market cap, the token has experienced a notable 20% decline over the past seven days. Technical analysis reveals market pressure The WIF/USDT pair traded at $1.264 at press time, recording a 1.17% decline. The MA cross between the 50-day (2.013) and 200-day (2.210) moving averages displayed a bearish structure, with price action consistently remaining below both indicators. A trading volume of 10.51M WIF indicated significant market activity despite the downward trend. Source: TradingView The RSI reading of 31.53 suggested approaching oversold conditions, though overall momentum remained bearish. This technical setup aligned with the reported weekly decline, indicating sustained selling pressure. Sentiment through Long/Short Ratio The Long/Short Ratio provided critical insights into market positioning. Press time data showed that the…
Filed under: News - @ January 27, 2025 3:04 am