New data from market intelligence firm Santiment suggests that there may be a potential correction on the horizon for popular dog-themed memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB). According to a recent thread on the social media platform X, the crypto analytics platform highlights that both DOGE and SHIB have seen a surge in discussion rates, reaching their highest levels in five months. This surge in interest could indicate that investors might start shifting their capital towards other crypto projects.
Santiment points out that traders are currently flocking to DOGE and SHIB out of fear of missing out (FOMO), which could potentially lead to these altcoins hitting local tops. The platform emphasizes the importance of not following the crowd blindly and suggests that speculative coins like DOGE and SHIB may see further gains in the short term, but historical data shows the benefits of exploring other opportunities that may be overlooked, such as layer-2 solutions like Arbitrum and Optimism.
At the time of writing, DOGE is trading at $0.142, while SHIB is at $0.000019. Moving on to Bitcoin (BTC), Santiment notes that the recent bull run of the flagship digital asset may be attributed to the increasing number of BTC whales in October. The platform highlights a substantial growth in the number of wallets holding between 100-1,000 BTC, coinciding with Bitcoin’s value bottoming out around $59,000 on October 10th.
Bitcoin is currently trading at $68,220. Santiment also analyzes the performance of Litecoin (LTC), pointing out that LTC has experienced a recent rally due to a spike in on-chain transaction volume and increased retail interest. The platform notes that Litecoin has surpassed $73 for the first time since July, with on-chain transaction volume nearing $4 billion in a single day. Retail interest in LTC has also been on the rise, driven by continued development and initiatives from the network.
Litecoin is currently trading at $74.80. Overall, Santiment’s analysis highlights the importance of monitoring market trends and not solely relying on popular memecoins for investment opportunities. By exploring a diverse range of projects and staying informed about on-chain data and market dynamics, investors can make more informed decisions in the ever-evolving crypto landscape.