Two under-the-radar altcoins are set to surge, according to new data from market intelligence platform Santiment.
According to a cryptocurrency analytics firm, domain naming cryptocurrency Ethereum Name Service (ENS) and decentralized non-fungible token (NFT) ecosystem Trezor (MAGIC) have seen explosive network growth over the past 24 hours, significantly increasing the likelihood of a breakout.
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“Altcoins like Ethereum Name Service and Treasure have seen explosive growth in their networks over the past 24 hours, surpassing major milestones. Historically, when a project sees such a surge in price performance, there is a greater chance of a breakout.”
At the time of writing, ENS and MAGIC are trading at $26.03 and $0.481 respectively.
Regarding the popular meme asset Shiba Inu (SHIB), Santiment said the dog-themed token has been isolated from the rest of the crypto market over the weekend as off-exchange crypto whales continue to gobble it up.
“Shiba Inu had a mini-decoupling from other altcoins over the weekend and is up +5% in the last 48 hours. Holders will be happy to know that non-exchange whales continue to accumulate while exchange whales are decreasing.”
As of this writing, SHIB is trading at $0.000016.
Santiment, which completed its analysis in partnership with decentralized oracle provider Chainlink (LINK), said the altcoin is more likely to find a local bottom as fear, uncertainty and doubt (FUD) surrounding the digital asset increases following the multi-million dollar sell-off.
“Chainlink’s weak hand has shown signs of giving up hope and releasing significant amounts of coins. The $60 million loss realized on LINK yesterday indicates significant trader FUD, and increases the likelihood of a local bottom.”
At the time of writing, LINK is trading at $12.81, which is down slightly over the last 24 hours.
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