Dogecoin, Shiba Inu, and ApeCoin Thriving Amid Bitcoin’s Decline, Santiment Reports
In the midst of Bitcoin’s price dip, crypto analytics platform Santiment has revealed a surge in the market caps of memecoin projects Dogecoin (DOGE), Shiba Inu (SHIB), and ApeCoin (APE). While Bitcoin faces a downturn, these three meme coins are showing distinct price action, fueled by an upward trend in social volume indicators. Here’s a closer look at the exciting developments in the crypto space.
Dogecoin, Shiba Inu, and ApeCoin’s Rising Market Caps:
Santiment’s data highlights the increasing market caps of Dogecoin, Shiba Inu, and ApeCoin, signaling growing interest in these quirky digital assets. APE, in particular, is the digital asset linked to the renowned Bored Ape Yacht Club NFT collection, adding an extra layer of appeal to the coin.
Divergent Price Action and Social Volume:
As Bitcoin experiences a recent dip, the three memecoins seem to be dancing to a different tune. Their social volume indicators have been on the rise, indicating heightened activity on social media platforms like Telegram and Reddit. Santiment warns that high social volume spikes often signal potential tops for these types of assets. Nevertheless, excitement around Dogecoin is heating up as it enjoys minor market cap gains.
Dogecoin’s Soaring Trading Volume:
On early Monday, the price surge of Dogecoin led to a remarkable spike in trading volume, reaching a 16-week high. This increased activity suggests a growing interest among traders, eager to capitalize on the memecoin’s upward movement.
Litecoin and Ethereum Gather Interest:
Santiment also points out a surge in interest in Litecoin (LTC) and Ethereum (ETH). Litecoin, with its upcoming halving slated for August 2nd, has captured traders’ attention, driving up trading volume. Additionally, Ethereum’s trading volume is on the rise, making it a noteworthy cryptocurrency to monitor closely.
Altcoin MVRV Analysis:
Keeping a close eye on the market value to realized value (MVRV) for altcoins, Santiment identifies bullish signals for some digital assets, including Quickswap (QUICK), OMG Network (OMG), and Radicle (RAD). MVRV measures an asset’s total market cap against its realized value and is often used to time market tops and bottoms. With average traders currently experiencing losses across short, mid, and long-term timeframes, Santiment suggests that QUICK, OMG, and RAD present opportunities for cautious investment.
As Bitcoin faces a decline, the memecoin trio – Dogecoin, Shiba Inu, and ApeCoin – is enjoying a moment in the spotlight. The surge in their market caps and social volume highlights the captivating allure of these digital assets. Additionally, Litecoin and Ethereum are attracting traders’ interest, while Santiment’s MVRV analysis points to potential altcoin opportunities. As the crypto market continues to evolve, staying informed and vigilant remains crucial for investors and enthusiasts alike.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.