New data from market intelligence firm Santiment hints at a potential correction for popular dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB).
In a new thread on the social media platform X, the crypto analytics platform says that the pair of memecoins have the highest discussion rates they’ve had in five months, signaling that investors may soon shift capital toward other crypto projects.
According to Santiment, traders are flocking into DOGE and SHIB due to the fear of missing out (FOMO), which may lead the altcoins to print local tops.
“With the crowd anticipating Bitcoin’s $70,000 breach soon, traders are doubling down on high-leverage speculative meme coins, where their discussion rates are at their highest level in five months.
Meanwhile, layer-2s like Arbitrum and Optimism are being ignored. Speculative coins can certainly still pump a bit longer, but historical data shows that it pays to go where the crowd isn’t looking.”
At time of writing, DOGE and SHIB are trading at $0.142 and $0.000019, respectively.
Moving on to Bitcoin (BTC), Santiment says that the flagship digital asset’s latest bull run is likely aided by the rising number of BTC whales in the month of October.
“Bitcoin’s number of whales grew substantially just as its value was bottoming out around $59,000 on October 10th. Between October 10th and 13th, there was a net rise of +268 more wallets holding between 100-1,000 BTC, likely playing a part in this bull rally.”
Bitcoin is trading for $68,220 at time of writing.
Concluding its analysis with the native asset of the peer-to-peer payments network Litecoin, the market insights firm says the latest rally of LTC can be attributed to a spike in on-chain transaction volume and retail interest.
“Litecoin is enjoying a nice mini-run, jumping above $73 for the first time since July. This is its first mid-sized breakout from Bitcoin and altcoins since the spring.
Two major factors are: LTC’s continued rise of on-chain transaction volume, which has nearly crossed $4 billion in a single day [and] a rise in LTC retail interest, as a result of continued development and initiatives from the [original] network.”
Litecoin is trading at $74.80 at time of writing.
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Source: https://dailyhodl.com/2024/10/20/top-memecoins-dogecoin-and-shiba-inu-flashing-bearish-signal-as-crowd-hype-surges-to-five-month-highs-santiment/