Dogwifhat (WIF) has emerged as the top meme coin in the last 24 hours, marking a notable 12.34% price surge. Despite this increase, WIF’s Weighted Sentiment remains low at -0.95, indicating continued skepticism about its peak potential. The positive Funding Rate suggests growing interest in long positions.
This surge follows a period of prolonged decline for WIF, prompting scrutiny over whether current market perceptions align with recent performance.
Meme Coin Momentum Still Building
Based on Santiment’s data, WIF’s Weighted Sentiment, which measures sentiment based on positive or negative mentions, stands at -0.95. A negative score implies prevailing pessimism online, contrasting with a positive score that would reflect optimism about future price movements.
With WIF’s negative Weighted Sentiment coupled with recent price gains, it appears the meme coin has not yet reached its apex. This disconnect between market sentiment and price action suggests potential for further growth.
If sentiment were overwhelmingly positive alongside the price surge, it might indicate an impending correction phase. However, given the current dynamics, the upward trend could continue.
Despite prevailing negative sentiment, traders are evidently preparing for further price increases, as indicated by the Funding Rate, which compares cryptocurrency perpetual and spot prices.
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