MEW and POPCAT: Exploring Potential Trends Amid Bearish Sentiment in the Meme Coin Market

• The ongoing battle for dominance in the meme coin market sees Popcat and Cat in a Dogs World struggling under a bearish sentiment, with little sign of a bullish reversal.

• The price trajectory of these coins indicates a significant correlation with the broader memecoin market, which has faced declines since mid-November 2023.

• According to COINOTAG, while there were earlier predictions that MEW might overtake POPCAT, recent data shows that both are currently trapped in a downtrend.

Popcat and MEW continue to face bearish trends as the meme coin market struggles for recovery, with little indication of a potential flippening.

Sentiment has been firmly bearish recently

Source: Santiment

Analyzing the sentiment around POPCAT reveals a negative Weighted Sentiment throughout the past month, reflecting the community’s lack of interest and engagement. Alongside this, the Social Volume has diminished, indicating fewer posts and discussions surrounding the coin.

Source: Santiment

In contrast, the sentiment surrounding Cat in a Dogs World (MEW) has shown brief periods of positivity, specifically noted in mid-November, but has now followed a similar downward trend. The recent drop in engagement for both coins highlights the tightening grip of a bearish market.

Short-term outlook more bullish for POPCAT

Source: Coinalyze

The data reveal that the Open Interest (OI) for Popcat has stabilized near the $165 million-$170 million threshold, suggesting a cautious trading environment where speculators are hesitant to make significant bets. The streamlining of spot CVD trends indicates potential price movements that could arise in the immediate future.

Source: Coinalyze

Meanwhile, MEW’s Open Interest persistently remains around $28 million, denoting weaker speculative interest compared to POPCAT, which could influence future trading dynamics.

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In conclusion, both Popcat and Cat in a Dogs World have seen declines in social engagement and a lack of bullish sentiment, suggesting that a significant recovery or flippening may be challenging under current market conditions.

Conclusion

The memecoin market faces a challenging landscape, with key indicators highlighting bearish trends and subdued interest. Without a notable shift in sentiment, both coins may struggle to regain their former momentum and attract the bullish market conditions necessary for a potential flippening.