dogwifhat vs Popcat: Perspectives of Two Bullish Assets Amid Crypto Crash
dogwifhat (WIF) and Popcat (POPCAT) are defying the market posting gains in the last 24 hours. Crypto assets are plunging across several quarters continuing a downward trajectory this week. As a result, the price of Bitcoin is down to the $56,000 mark while other altcoins have also crashed to lows not recorded in months.
This bearish outlook has impacted meme coins wiping out previously recorded gains. At press time, the crypto market cap fell to $2.03 trillion, a 3% drop in the last 24 hours. Similarly, the meme coin market cap declined 10% to $42.7 billion. Despite this poor run, dogwifhat and Popcat have posted gains today with commentators divided on the future trajectory.
dogwifhat Soars Amid Market Decline
dogwifhat has seen inflows as users rally around the asset taking it to the green zone. WIF trades at $1.93, a 5% increase today above other crypto assets. This round of inflows wiped out weekly losses with the asset notching a slight 0.5% increase. However, monthly positions remain low following a 43% decline.
This almost 50% drop in asset prices flipped sentiment in meme coins with many posting more losses. With a market cap of $1.93 trillion, the asset saw its daily trading volume digit $1.1 billion. Crypto users tip a bullish run for WIF but this remains in the back of institutional inflows. This week, crypto investment products saw outflows spurring low investment across a range of funds.
POPCAT Extends Gains
Popcat follows the line of dogwifhat as users rally around the asset. The meme coin 9.8% in the last 24 hours to trade at $0.5. Unlike dogwifhat, Popcat was unable to flip weekly numbers due to previous outflows. The asset’s 11% decline encapsulates the prevailing sentiment in the market. Major reasons for the lowered momentum of crypto include poor signals from the Feds on potential interest rate cuts. Outflows from spot Bitcoin ETFs contributed to the decline of crypto assets.
Also Read: Market Analysts Send Downward Signals to Crypto Assets
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