- Bearish sentiment around BOME and WIF was dominant in the market.
- Indicators looked bullish and bearish on BOME and WIF, respectively.
As the market remained bearish, most cryptos registered massive drops in their prices. Dogwifhat [WIF] was not an expectation, as it was among the top losers among meme coins.
However, BOOK OF MEME [BOME] held its ground well, as it was among the few whose price did not drop in the last 24 hours.
WIF and BOME’s divergence
The bearish market condition caused WIF to drop by double digits, which was one of the highest among top meme coins. According to CoinMarketCap, the meme coin was down by more than 13% in the last 24 hours.
At press time, it was trading at $2.30 with a market capitalization of over $2.29 billion.
Interestingly, while others bled, BOME acted differently as its value increased by over 2% in the last 24 hours. At press time, the meme coin was trading at $0.008789 with a market cap of over $484 million.
AMBCrypto’s analysis of Santiment’s data revealed that WIF continued to dominate BOME in terms of social volume.
But it was surprising to note that despite BOME’s recent price uptick, both meme coins’ Weighted Sentiment remained in the negative zone.
This meant that bearish sentiment around WIF and BOME was dominant in the market.
Source: Santiment
What’s happening with BOME and WIF?
A look at these tokens’ derivative metrics gave an understanding of what was going on. AMBCrypto found that while WIF’s Funding Rate remained green, BOME’s metric dropped.
Generally, the price tends to move the other way than the Funding Rate. This seemed to have been the case on this occasion too, as WIF’s price fell while BOME’s increased.
The good news was that BOME’s Open Interest also increased slightly over the last few days.
A rise in the metric suggests that the chances of the ongoing price trend continuing are high, hinting at a continued bull rally.
Source: Santiment
AMBCrypto’s analysis of WIF’s daily chart also revealed a few other bearish indicators. The MACD displayed a clear bearish advantage in the market.
Additionally, the Relative Strength Index (RSI) registered a downtick and was headed further below the neutral mark of 50.
These indicators suggested that WIF investors might witness a further drop in the meme coin’s price.
Source: TradingView
Read Book of MEME’s [BOME] Price Prediction 2024-25
To the contrary, BOME’s indicators looked bullish. For instance, the Money Flow Index (MFI) went northward.
The Chaikin Money Flow (CMF) gained upward momentum and was headed toward the neutral mark, indicating that the meme coin might sustain its bull rally in the coming days.
Source: TradingView
