MEXCPOPCAT and Dogwifhat (WIF) Post Weekly Outflows: Here’s Why
Popular meme coins, Dogwifhat, and POPCAT are trading negative gains by the market with weekly outflows amid a wider market bullish momentum. A glance at the market shows Bitcoin (BTC) and altcoin prices in the green zone as market sentiments rebound.
The recent inflows recorded in crypto assets are heightened towards memecoins based on the volatility of coins rallying across community spaces. At press time, the crypto market capitalization stands at $2.42 trillion, a 3.13% increase in the last 24 hours. Meanwhile, meme coins have surged 1% to $56.4 billion.
Dogwifhat and POPCAT Face Road Block
Both assets are the only two meme coins with negative flows in the top 10 assets list by market capitalization. Dogwifhat trades at $2.83 after posting daily losses of $0.5%. Its daily range was at a low of $2.80 and a high of $2.95. Intraday trading remains low as the recent corrections continue amid a bullish market sentiment.
Dogwifhat’s bearish sentiment has extended to 3.3% weekly losses although monthly flows are green. Daily volumes are also low for the asset amid a jump in other tokens. The asset’s daily volume is at $416 million while its market cap fell to $2.8 billion.
POPCAT is down 2.1% in the last 24 hours extending weekly exits to 7.4% as sentiments around the asset continue to plunge. The assets market cap stands at $444 million while daily trading volumes fell to $36.8 million. POPCAT trades at $0.4504 today.
WIF Sees Bearish Sentiment
Dogwifhat has seen a 33% decline in trading volumes as bears take over the market. Technical indicators for WIF and Popcat also point downward amid reduced figures. Analysts believe the asset bulls haven’t picked up from the renewed surge in the market.
Crypto assets witnessed significant inflows this week after the release of positive CPI numbers signaling a fall in inflation and the reduction in interest rates. The first rate cut could come in September depending on inflation figures ushering in a bull drive as investors send funds into the market.
Also Read: 3 Meme Coins With 100X Potential Today
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