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Published: December 27, 2024
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- The cost action of both Popcat and feline in a pets world has a highly bearish predisposition for the coming weeks.
- The belief behind both memes was neutral in the futures market, however among them saw increased area need just recently.
Popcat [POPCAT] and feline in a canines world [MEW] have actually both been trending downward on the rate chart over the previous month.
They have actually followed in the steps of the broader memecoin market, which has actually remained in a downturn because mid-November.
POPCAT was at a $741.9 million market cap at press time, and MEW at $563 million. An earlier report by AMBCrypto recommended there’s an opportunity that MEW can surpass POPCAT, however this has actually not yet occurred.
A memecoin flippening might not be too far, however exist indications that MEW would be the more powerful entertainer in the coming weeks?
Belief has actually been securely bearish just recently
AMBCrypto compared the belief and social patterns of both coins. The Weighted Sentiment was unfavorable for POPCAT over the previous month, revealing an absence of interest amongst online engagement posts.
The Social Volume has actually likewise trended downward due to the rate downturn, and less market individuals published about the coin.
Other altcoins have actually likewise gotten spotlight in the previous 2 or 3 weeks, while memecoins have actually remained in a downturn.
The Weighted Sentiment of MEW revealed some favorable pattern in mid-November, which rapidly reversed. Like POPCAT, MEW’s Social Volume, and thus its supremacy, has actually likewise trended progressively lower over the previous month.
Short-term outlook more bullish for POPCAT
The information from Coinalyze clarified the short-term belief behind the 2 memes. The Open Interest for Popcat has actually stayed stable at around the $165 million-$170 million mark over the previous week.
This revealed speculators chosen to stay sidelined and were not positive about a strong short-term pattern, bullish or bearish.
The area CVD was trending highly greater, an indication of prospective rate gains in the coming days.
The Open Interest behind MEW likewise hovered around the $28 million mark, revealing decreased speculative expectations.
The much lower OI numbers suggested POPCAT was the more popular possession in the futures market. The area CVD has actually been fixed in current days.
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In general, neither the social nor speculative patterns of MEW offered signs of greater bullish conviction. This requirement is vital for a meme coin flippening.
The rate action of both feline memes has actually remained in lockstep, although POPCAT has actually shed more worth in the previous month.
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