Popcat (POPCAT) and Cat in a Dog's World (MEW) Trend Down, but Will MEW Overtake POPCAT?

Popcat [POPCAT] and cat in a dogs world [MEW] have both been trending downward on the price chart over the past month.

Popcat [POPCAT] and cat in a dogs world [MEW] have both been trending downwards on the price chart over the past month. They followed in the footsteps of the wider memecoin market, which has been in a slump since mid-November.

At press time, POPCAT had a market cap of $741.9 million, while MEW had a market cap of $563 million. An earlier report by AMBCrypto suggested that MEW could overtake POPCAT, but this has not yet occurred.

While a memecoin flippening may not be too far off, are there any signs that MEW could be the stronger performer in the coming weeks?

Recent sentiment has been bearish [POPCAT]

AMBCrypto compared the sentiment and social trends of both coins. Over the past month, the Weighted Sentiment for POPCAT was largely negative, indicating a lack of enthusiasm in the coin's online engagement posts.

Due to the price slump, the Social Volume also trended downwards, indicating that fewer market participants posted about the coin.

Other altcoins also grabbed public attention in the past two to three weeks as memecoins went through a slump.

The Weighted Sentiment for MEW showed some positive trends in mid-November, but these quickly reversed. Like POPCAT, MEW’s Social Volume, and thus its dominance, also trended lower over the past month.

Short-term outlook more bullish for POPCAT

The data from Coinalyze highlighted the short-term sentiment behind the two memes. For Popcat, the Open Interest remained steady at around the $165 million-$170 million mark over the past week.

This indicated that speculators preferred to remain on the sidelines and were not confident in a strong short-term trend, bullish or bearish. The spot CVD was trending strongly higher, indicating potential price gains in the coming days.

The Open Interest behind MEW also hovered around the $28 million mark, indicating lower speculative expectations. However, the much lower OI numbers indicated that POPCAT was the more popular asset in the futures market. The spot CVD has been static in recent days.

Overall, neither the social nor speculative trends of MEW indicated a higher bullish conviction, a key factor for a meme coin flippening. Both cat memes have seen their price action locked in step, though POPCAT has lost more value in the past month.