Dogwifhat (WIF) has seen a remarkable surge as the top meme coin in the last 24 hours, with a 12.34% increase in price. Despite this rise, WIF’s Weighted Sentiment remains in the negative at -0.95, indicating that the meme coin has not yet reached its peak.
The positive Funding Rate suggests a growing demand for long positions, further highlighting the significant surge in WIF’s value. This surge follows a prolonged period of decline, leading to questions about whether the current market perception of WIF aligns with its recent performance.
According to data from Santiment, WIF’s Weighted Sentiment is currently at -0.95, indicating a predominance of negative mentions online. A negative sentiment suggests a pessimistic market, while a positive sentiment indicates optimism about the potential price. In the case of WIF, the negative sentiment paired with the recent price increase suggests that the meme coin still has room for growth.
If the sentiment were overwhelmingly positive alongside the price increase, it could signal an impending correction period for WIF. However, given the current scenario, the upward trend is likely to continue. Despite the overall negative sentiment, traders are positioning themselves for further price increases, as evident from the Funding Rate, which represents the discrepancy between a cryptocurrency’s perpetual and spot prices.