New data from market intelligence firm Santiment suggests a potential correction for popular dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB).
In a recent thread on social media platform X, the crypto analytics platform noted that the discussion rates for these memecoins are at their highest in five months, indicating a possible shift of investor capital to other crypto projects.
Santiment explains that traders are currently drawn to DOGE and SHIB out of fear of missing out (FOMO), which could lead to local price peaks for these altcoins.
“With expectations of Bitcoin breaking the $70,000 mark soon, traders are increasingly focusing on high-leverage speculative meme coins, with discussion rates at their highest in five months. Meanwhile, layer-2 solutions like Arbitrum and Optimism are being overlooked. While speculative coins may continue to see gains in the short term, historical data suggests it’s beneficial to explore opportunities where the crowd isn’t actively looking.”
As of the current moment, DOGE and SHIB are trading at $0.142 and $0.000019, respectively.
Shifting focus to Bitcoin (BTC), Santiment suggests that the recent bull run of the leading digital asset may be supported by the increasing number of BTC whales in October.
“Bitcoin saw a significant rise in the number of whales precisely when its value hit a low around $59,000 on October 10th. Between October 10th and 13th, there was a net increase of +268 wallets holding between 100-1,000 BTC, likely contributing to the ongoing bull market.”
Bitcoin is currently priced at $68,220.
Concluding its analysis with Litecoin, Santiment highlights that the recent surge in LTC’s value can be attributed to a rise in on-chain transaction volume and retail interest.
“Litecoin has experienced a notable increase, surpassing $73 for the first time since July. This marks a significant breakout for LTC from Bitcoin and other altcoins since earlier this year. Two major factors contributing to this surge are the rising on-chain transaction volume, nearing $4 billion in a single day, and the growing retail interest in LTC due to ongoing network developments and initiatives.”
Litecoin is currently trading at $74.80.
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Generated Image: Midjourney