- \n
- While prices decreased, a larger part of traders aligned with long positions.<\/em><\/li>\n
- BONK and POPCAT hint at a recovery, and might move first before WIF.<\/em><\/li>\n<\/ul>\n
Solana-based memecoins including dogwifhat [WIF]<\/a>, Bonk [BONK]<\/a>, and Popcat [POPCAT]<\/a>\u00a0 have all taken a breather on their rallies. At press time, WIF had 9.92% of its value lost in the last 24 hours.<\/p>\n
For BONK, it was a 7.49% decrease while POPCAT\u2019s price fell by 11.31%, suggesting that selling pressure had kicked in. This performance was in contrast to the signals the memecoins showed a few days ago.<\/p>\n
For example, POPCAT jumped to $0.55 on the 29th of May. WIF hit $4.10 on the same day while BONK rallied to $0.000043.<\/p>\n
Memecoins face a fight with skeptics<\/strong><\/h2>\n
AMBCrypto\u2019s findings showed that these previous hikes have sparked discussions that the tokens were about to surpass<\/a> their all-time highs. But it was not to be.<\/p>\n
Furthermore, we considered examining<\/a> the sentiment around each project. As of this writing,\u00a0 WIF\u2019s Weighted Sentiment had dropped to -0.186.<\/p>\n
This means that there were more negative comments about the cryptocurrency than positive ones. As such, it could be challenging for the token to experience a superb wave of demand in the short term.<\/p>\n
![\"WIF,](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/wif-bonk-and-popcat-sentiment.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
In POPCAT\u2019s case, the metric was also in the negative region at -0.642. BONK was also not left out of a fall in optimistic perception but compared to the other two, the sentiment stayed above the negative territory.<\/p>\n
Despite the unimpressive price action, traders in the derivatives market seem to be confident in a rebound. AMBCrypto got proof of this after analyzing the Long\/Short ratio provided by Coinglass<\/a>.<\/p>\n
No giving up on the predictions<\/strong><\/h2>\n
The Long\/Short ratio is a measure of investors\u2019 expectations. If the value is above 1, it means that there are more long positions than shorts. Therefore, traders are bullish on the price action.<\/p>\n
On the other hand, a reading below 1 indicates a dominance of shorts and a bearish<\/a> forecast. Using BONK as a focal point, the reading of the indicator was 1.03 at press time, confirming the optimistic view in the market.<\/p>\n
![\"BONK](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"BONK](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bonk-long-short-ratio.png\")
<\/a><\/p>\nSource: Coinglass<\/p>\n<\/div>\n
A quick look at the indicator with WIF and POPCAT suggest a similar perception. In addition to the metrics above, AMBCrypto evaluated the social dominance.<\/p>\n
This metric tracks the rate of discussion<\/a>s about a cryptocurrency. At press time, WIF\u2019s social dominance fell to 0.37%, indicating that conversation held about the token had decreased.<\/p>\n
However, it was not the same case for BONK and POPCAT. While POPCAT\u2019s social dominance jumped to 1.389%, BONK was at 1.481%.In terms of the price, this metric can show how quick the value can recover<\/a>.<\/p>\n
- BONK and POPCAT hint at a recovery, and might move first before WIF.<\/em><\/li>\n<\/ul>\n
![\"BONK,](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/wif-bonk-popcat-social-dominance-1.png\")