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Prospects for two bullish assets during crypto crash
dogwifhat (WIF) and Popcat (POPCAT) are challenging the market by posting gains in the last 24 hours. Cryptocurrencies have been plummeting for several quarters, continuing their downward trajectory this week. As a result, Bitcoin’s price has dropped to the $56,000 mark, while other altcoins have also fallen to lows not seen in months.
This bearish outlook has impacted meme coins, erasing the gains they had previously seen. At press time, the cryptocurrency market cap has fallen to $2.03 trillion, a 3% decline in the last 24 hours. Likewise,
meme coin market cap fell 10% to $42.7 billion. Despite the rough ride, dogwifhat and Popcat posted gains today with commentators divided on the future trajectory.
dogwifhat rises to the top of market crisis
dogwifhat has seen inflows as users have rallied around the asset taking it into the green zone. WIF is trading at $1.93, up 5% today compared to other crypto assets. This round of inflows has erased weekly losses with the asset seeing a slight increase of 0.5%. However, monthly positions remain low after a 43% decline.
This near 50% decline in asset prices has upended sentiment in meme coins, with many posting further losses. With a market cap of $1.93 trillion, the asset has seen its daily trading volume hit $1.1 billion. Crypto users are predicting a bull run for WIF, but it remains behind institutional inflows. Crypto investment products have seen outflows this week, spurring low investment across a range of funds.
POPCAT extends earnings
Popcat follows dogwifhat’s lead as users rally around the asset. The meme coin up 9.8% in the last 24 hours to trade at $0.5. Unlike dogwifhat, Pop cat failed to turn around the weekly numbers due to earlier outflows. The asset’s 11% decline encapsulates the prevailing sentiment in the market. The main reasons for the decline in cryptocurrency momentum include negative signals from the Fed about potential interest rate cuts. Spot outflows Bitcoin ETFs contributed to the decline of cryptocurrencies.
Read also: Market analysts send bearish signals to cryptocurrencies
David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.