Recent insights from the market intelligence firm Santiment suggest a possible downturn for the well-known dog-themed memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB).
In a fresh post on the social media platform X, the crypto analytics service indicates that these memecoins are experiencing the highest discussion levels seen in five months, which could hint at investors reallocating their funds to other crypto assets.
As per Santiment, traders are rushing into DOGE and SHIB driven by the fear of missing out (FOMO), which may cause the altcoins to reach local highs.
“With the crowd eagerly expecting Bitcoin to surpass $70,000 soon, traders are heavily investing in high-leverage speculative meme coins that are seeing their discussion rates peak in five months.
In contrast, layer-2s such as Arbitrum and Optimism are being overlooked. While speculative coins may continue to experience increased activity for a while longer, historical trends indicate that pursuing less popular options can be more rewarding.”
As of now, DOGE and SHIB are priced at $0.142 and $0.000019, respectively.
Turning to Bitcoin (BTC), Santiment notes that the recent surge in the price of this flagship digital currency is likely boosted by an increase in BTC whale activity throughout October.
“The number of Bitcoin whales has significantly increased just as its price was bottoming out 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, which likely contributed to this bullish trend.”
Bitcoin is currently trading at $68,220.
Wrapping up its analysis with Litecoin, the market research firm attributes the recent surge in LTC to a rise in on-chain transaction volume accompanied by increased retail interest.
“Litecoin is experiencing a nice uptick, crossing above $73 for the first time since July. This marks its first moderate breakout relative to Bitcoin and other altcoins since spring.
Two key factors include: the ongoing increase in on-chain transaction volume, which has nearly reached $4 billion in a single day, and heightened retail interest due to continued advancements and projects by the original network.”
Litecoin’s current trading price is $74.80.
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