Dogecoin Kicking Into Overdrive As DOGE Wallets Grow at Fastest Rate in History: Santiment

DOGE CRYPTO_NEWS

A leading crypto analytics firm says that the number of wallets holding Dogecoin (DOGE) is increasing like never before. Santiment says on the social media platform X that the count of wallets holding DOGE is soaring at the fastest rate in the history of the dog-themed memecoin.

“Dogecoin’s value is -23% since its top on December 9th. But the memecoin’s wallets with more than zero DOGE coins have been growing at the fastest rate in the network’s decade-long history. 413,800 new wallets, mostly holding 0.001-1 DOGE, have been added in two weeks.”

DOGE is trading for $0.0788 at time of writing, up slightly in the last 24 hours.

Santiment also notices growing negative sentiment about the crypto market based on social media chatter, which the firm says may signal that a bullish move is imminent.

The analytics platform says bearish sentiment appears to be evident among holders of payments network XRP and smart contract platforms Solana (SOL) and Cardano (ADA).

“With crypto market caps ranging and lacking the usual growth traders have been accustomed to since the bull cycle began in October, there is a notable bearish sentiment that has taken hold of crypto discourse this week.

XRP, Cardano and Solana are all uniformly in a more negative crowd sentiment range than their historic averages. This is the first time in over six months that this has occurred.

When traders become concerned and show FUD (fear, uncertainty and doubt) across multiple large assets, it is a signal that market caps have a higher likelihood of seeing an impending bounce. Markets historically move in the direction of the crowd’s least expected direction, making a rise catch many short traders off guard.”

At time of writing, SOL is worth $96.10, while XRP is trading at $0.504 and ADA at $0.497.

Source : The Daily Hodl by Daily Hodl Staff / Feb 7, 2024

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