- The price action of both Popcat and cat in a dog’s world will have a strong bearish bias in the coming weeks.
- The sentiment behind both memes was neutral in the futures market, but one of them recently saw increased demand in the spot market.
Popkat [POPCAT] and cat in a dog’s world [MEW] both have shown a downward trend on the price chart over the past month.
They are following in the footsteps of the broader memecoin market, which has been in a slump since mid-November.
POPCAT had a market cap of $741.9 million at the time of writing, and MEW of $563 million. An earlier report from AMBCrypto suggested that there is a chance that MEW could overtake POPCAT, but this has not happened yet.
A memecoin flipping may not be too far, but are there signs that MEW could be the stronger performer in the coming weeks?
Sentiment has been strongly bearish lately
AMBCrypto compared the sentiment and social trends of both coins. Weighted sentiment was negative for POPCAT last month, indicating a lack of enthusiasm among online engagement posts.
Social volume has also gone down due to the price drop, and fewer market participants have been posting about the coin.
Other altcoins have also attracted public attention in the past two to three weeks, while memecoins have been in a slump.
MEW’s weighted sentiment showed a positive trend in mid-November, which quickly reversed. Like POPCAT, MEW’s social volume, and thus its dominance, has also steadily declined over the past month.
The short-term outlook is more optimistic for POPCAT
Coinalyze’s data sheds light on the short-term sentiment behind the two memes. Open Interest for Popcat has remained steady at around $165 million-$170 million over the past week.
This showed that speculators preferred to remain on the sidelines and had no confidence in a strong short-term trend, bullish or bearish.
The spot CVD trended sharply higher, a sign of potential price gains in the coming days.
The Open Interest behind MEW also hovered around $28 million, indicating lower speculative expectations.
Still, the much lower OI figures made POPCAT the hottest asset on the futures market. The CVD area has been static for the past few days.
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Overall, neither MEW’s social nor speculative trends indicated evidence of higher bullish conviction. This criterion is essential for meme coin tossing.
The price action of both cat memes has fallen in line, although POPCAT has lost more value over the past month.
Credit : ambcrypto.com
