- Wiki Cat price plunged 44% in 24 hours to $0.000000145 as trading volume dropped 52% to $7.6M.
- Despite the selloff, WKC holder count grew 2.35% to over 98,600, suggesting accumulation amid price weakness.
- Technicals show WKC remains above the 50- and 200-day EMAs with bullish MACD, pointing to a likely market correction or accumulation phase.
Wiki Cat price has dropped 44% in the last 24 hours to $0.000000145 on a 52% drop in trading volume to $7.6 million. Interestingly, as the WKC price retraces, the number of holders continues to grow.
Wiki Cat Holders Grow 2.35% To 95,650
According to data from SMC Stats, on August 20, as the Wiki Cat market cap shrank by 42%, the holder count grew by 2.35% to 95,650. Over the last 24 hours, this number has further grown 0.308% to 98,628, according to data from BSC Scan.
Additionally, the amount of burns yesterday was just as high as on August 19, when over 500 billion WKC got burned amid a 223% price surge that saw WKC skyrocket to an all-time high Market cap of $223 million.
A falling price combined with increasing holder count typically means those selling are doing so with greater force than the new buyers are accumulating. It can be due to new investors entering the market, current holders diversifying, or strategic accumulation by whales.
The key point here is the divergence between the price and the holder count, and it could mean the price of WKC is in a bearish trend, in an accumulation phase, or in a market correction, or that weak hands are selling.
WKC Price Remains In a Bullish Trend
Diving into the Wikicat chart, we can eliminate the probability of a bearish trend since the WKC price is still trending above the 50-day and 200-day Exponential Moving Averages (EMAs).
Additionally, the Relative Strength Index (RSI) is back down to 54 (neutral) after hitting an over-extended value of 92 on August 20, and appears to be finding support around the 50-54 range.
The Moving Average Convergence Divergence (MACD) remains bullish as the MACD line (blue) currently trends above the signal line (orange). This leaves three possible outcomes: the Wiki Cat price could be in an accumulation phase, a market correction, or that weak hands are selling.
A market correction is likely as the 50-day EMA is a potential bounce zone, given its past bounce from this level. That also means that WKC may drop lower to $39 million market cap before bouncing.
Further, “weak hands selling” may also be plausible as new hands enter the WKC market, older buyers are booking profit, resulting in a redistribution of tokens before the next leg higher.
What’s Next for the Wiki Cat Price?
The WKC price is approaching the 0.786 Fibonacci retracement level ($67M MCap). If it breaks below, then the next stop is $39M (50-day EMA).
However, if the bulls come in and push the price higher, then Wiki Cat can surge to the 0.618 Fib extension ($415M Mcap), which would mark a new all-time high.
Whatever happens next, the WKC price has come a long way, and despite the 44% drop, the meme coin is still over 284,000% up since its lowest point on December 17, 2022.
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