Crypto intelligence firm Santiment says that some altcoins may have already seen the worst of the latest industry-wide correction and that recovery may be around the corner.
The firm says that meme coin Shiba Inu (SHIB), algorithmic stablecoin blockchain Terra (LUNA) and decentralized exchange (DEX) platform Pancakeswap (CAKE) are recovering from the market dip quicker than others as weak hands capitulate.
“After altcoins were hammered the previous week, with the vast majority still down 20% to 40% over this span, some are recovering quickly. For the courageous buy-the-dip enthusiasts, LUNA, SHIB, and CAKE are top 100 cap leaders the past 24 hours.”
SHIB, LUNA, and CAKE are exchanging hands at $0.000022, $64.68, and $7.78 at time of writing, respectively.
Santiment also has some insights into leading meme crypto asset Dogecoin (DOGE). According to the firm’s data, the largest Dogecoin whale in existence, which owns more than 23% of the total supply of DOGE, is currently active as the entity last moved 200 million DOGE tokens just last week.
The market analytics firm then points out that the percentage of DOGE holders that are in profit is at a historically low point, which could signal an upcoming reversal.
“The last time the overall profits of DOGE HODLers was that low was during COVID crash in March 2020, when only 29% of DOGE HODLers were in profit. If we exclude the data before March 2017, there were only two times in DOGE history supply in profit was that low.”
Dogecoin is trading for $0.13, a 20% decrease from its seven-day high of $0.17.
Originally Published Here
