New data from market intelligence firm Santiment hints at a potential correction in popular dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB).
In a new thread on social media platform their capital towards other crypto projects.
According to Santiment, traders are flocking to DOGE and SHIB due to fear of missing out (FOMO), which could lead to altcoins printing local highs.
“As the crowd anticipates Bitcoin’s $70,000 breach soon, traders are doubling down on highly leveraged speculative coins, where their trading rates are at their highest level in five months.
Meanwhile, layer 2s like Arbitrum and Optimism are ignored. Speculative coins can certainly still pump a little longer, but historical data shows that it pays to go where the crowd isn’t looking.
At the time of writing, DOGE and SHIB are trading at $0.142 and $0.000019, respectively.
Moving on to Bitcoin (BTC), Santiment says the flagship digital asset’s latest bull run is likely aided by the growing number of BTC whales in the month of October.
“The number of Bitcoin whales increased significantly just as its value bottomed around $59,000 on October 10. Between October 10 and 13, there was a net increase of +268 additional wallets holding between 100 and 1,000 BTC, likely playing a role in this bull rally.
Bitcoin is trading at $68,220 at the time of writing.
Conclude your analysis with the native asset of the peer-to-peer payment network Litecoin, the market analysis company says LTC’s latest rally can be attributed to an increase in on-chain trading volume and retail interest.
“Litecoin is having a nice mini-run, surpassing $73 for the first time since July. This is the first mid-sized breakout for Bitcoin and altcoins since spring.
Two major factors are: the continued increase in LTC on-chain trading volume, which almost exceeded $4 billion in a single day (and) an increase in interest from LTC retailers, due to the continued development and (original) network initiatives. »
Litecoin is trading at $74.80 at the time of writing.
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