Both POPCAT and MEW have experienced a downward trend in their prices over the last month, mirroring the overall decline in the memecoin market since mid-November.
Currently, POPCAT holds a market cap of around $741.9 million, while MEW stands at $563 million. While there have been speculations about MEW surpassing POPCAT in value, this scenario has not yet materialized.
Could a potential shift in the memecoin market be on the horizon, with MEW emerging as the stronger contender in the weeks to come?
Recent Sentiment Trends
An analysis conducted by CryptoCrypto compared the sentiment and social trends surrounding both coins. The Weighted Sentiment for POPCAT showed negativity in the past month, indicating a lack of enthusiasm in online discussions about the coin.
Furthermore, the Social Volume for POPCAT has decreased alongside its price, with fewer users engaging in discussions related to the coin.
While other altcoins have captured more attention in recent weeks, memecoins like MEW have struggled to maintain interest. MEW’s Weighted Sentiment briefly showed a positive trend in mid-November before reversing. Similar to POPCAT, MEW’s Social Volume has also seen a decline over the past month.
Short-Term Outlook and Market Behavior
Analysis from Coinalyze provided insights into the short-term sentiment surrounding both memes. POPCAT’s Open Interest has held steady around the $165 million-$170 million range, suggesting a cautious stance among speculators and a lack of strong short-term trends.
The spot CVD for POPCAT has shown an upward trend, indicating the potential for price gains in the days ahead.
MEW, on the other hand, has seen its Open Interest hover around $28 million, reflecting diminished speculative expectations. Compared to MEW, POPCAT has been the more favored asset in the futures market, with higher levels of Open Interest. The spot CVD for MEW has remained relatively stable in recent days.
When considering both the social and speculative trends, MEW does not exhibit strong indicators of bullish sentiment needed for a memecoin market shift. Despite similar price actions, POPCAT has experienced a greater decline in value over the past month.