New data from market intelligence firm Santiment hints at a potential correction for popular dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB).
The cryptocurrency analytics platform said in a new thread on social media platform
According to Santiment, traders are flocking to DOGE and SHIB due to fear of missing out (FOMO), which could cause the altcoins to print local highs.
“As people anticipate Bitcoin’s imminent $70,000 outflow, traders are doubling down on the highly leveraged speculative meme coin, with discussion rates reaching their highest level in five months.
Meanwhile, layer 2 like Arbitrum and Optimism are being ignored. Speculative coins may still be pumped for a little longer, but historical data shows that it is profitable to go where the crowds are not watching.”
As of this writing, DOGE and SHIB are trading at $0.142 and $0.000019, respectively.
Moving on to Bitcoin (BTC), Santiment says the recent bull market in the major digital asset is likely to help as the number of BTC whales increases in October.
“When the value of Bitcoin bottomed at around $59,000 on October 10, the number of Bitcoin whales increased significantly. Between October 10th and 13th, there was a net increase of over 268 wallets holding between 100 and 1,000 BTC, which likely contributed to this bullish rally.”
As of this writing, Bitcoin is trading at $68,220.
The market insight company concludes its analysis with the underlying asset of peer-to-peer payment network Litecoin. They say the recent rise in LTC can be attributed to a surge in on-chain trading volume and retail interest.
“Litecoin is enjoying a nice mini-run, surpassing $73 for the first time since July. This is the first mid-size breakout for Bitcoin and altcoins since the spring.
The two main factors are: LTC’s on-chain trading volume continued to grow, surpassing nearly $4 billion in one day. (and) LTC retail interest has increased as a result of the continued development and initiatives of the (original) network. ”
Litecoin is trading at $74.80 at the time of this writing.
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