Santiment: Social Buzz Rises For Dogecoin, Shiba Inu, And Apecoin
Three memecoins are gaining popularity, according to crypto analytics site Santiment, despite a fall in the price of Bitcoin (BTC).
According to Santiment, the market caps of the memecoin projects Dogecoin (DOGE), Shiba Inu (SHIB), and ApeCoin (APE) are all rising.
The non-fungible token (NFT) collection for the Bored Ape Yacht Club is known as APE.
The three meme coins are deviating from Bitcoin’s recent price decrease, claims the company, because the social volume indicator for each of the three digital assets is rising. The social volume indicator monitors popular crypto phrases on social media sites like Reddit and Telegram.
“The week has kicked off with some memecoin magic, as Dogecoin, Shiba Inu, and ApeCoin have enjoyed minor market cap rises. As is typically the case with these types of assets, high social volume spikes will signal tops. DOGE excitement is heating up.”
Source: Santiment/Twitter
Santiment claims that as the price of dog-themed Dogecoin climbed early on Monday, jumping to a 16-week high, trading activity for the cryptocurrency shot up.
According to trade volume, the company also observes that Ethereum (ETH), a platform for smart contracts, is witnessing an increase in trading activity, and that peer-to-peer payments network Litecoin (LTC) is also seeing increased demand ahead of its halving scheduled for August 2nd.
“Traders have hopped on to Dogecoin following the sudden price jump the memecoin enjoyed earlier today. We have also seen Litecoin interest rise to week highs with the August 2nd halving rapidly approaching, and Ethereum should be watched as well.”
Source: Santiment/Twitter
Santiment is also closely monitoring the market value to realized value (MVRV) for altcoins, which the company claims is flashing bullish for some digital assets, such as the open-source blockchain network Radicle (RAD), the decentralized exchange Quickswap (QUICK), and the OMG Network (OMG), a layer-2 scaling solution for ETH.
MVRV can be used to predict market peaks and bottoms by comparing an asset’s total market cap to its realized value.
“Altcoins have some justification to buy with average traders well underwater across short, mid, and long-term timeframes. QUICK, OMG, and RAD have traders showing serious FUD (fear, uncertainty and doubt) with losses piling up, which historically makes them less risky to open or add to a position in.”
