- Crypto analytics firm Santiment reports an increase in the market caps of memecoin projects Dogecoin, Shiba Inu, and ApeCoin, despite Bitcoin’s recent decline.
- According to Santiment, Litecoin’s interest is rising ahead of its halving on August 2nd, and Ethereum’s trading volume is on an upswing.
While Bitcoin’s price continues to falter, three prominent memecoins are making waves in the crypto sphere. Dogecoin, Shiba Inu, and ApeCoin, according to Santiment, are experiencing growth in market caps and an upward trend in social volume indicators. This suggests a divergent trend from Bitcoin, whose recent downturn seems to be leaving room for these digital assets to thrive.
Defying the Bitcoin Blues: Memecoin’s Rise
ApeCoin, the digital token associated with the Bored Ape Yacht Club’s non-fungible token (NFT) collection, is one such asset demonstrating this growth. The social volume indicator, which traces significant crypto terms across social media platforms such as Telegram or Reddit, suggests an increasing buzz around these memecoins.
Dogecoin, the original memecoin and a favorite among crypto enthusiasts, saw a surge in trading volume to a 16-week high following an early Monday price hike. It’s an interesting display of how social sentiment can drive market movements for such assets.
Furthermore, as the market adjusts to Bitcoin’s slump, other digital currencies like Litecoin and Ethereum are coming into focus. Litecoin, a peer-to-peer payments network, has piqued trader interest with its halving slated for August 2nd, causing an uptick in its trading volume. Similarly, Ethereum, a leading smart contract platform, is also witnessing an increase in trading volume.
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Beyond these observations, Santiment also emphasizes the importance of the market value to realized value (MVRV) metric in tracking altcoin potential. MVRV, which contrasts an asset’s total market cap to its realized value, is an essential tool for identifying market peaks and troughs.
Currently, some digital assets like Quickswap (QUICK), an Ethereum-based decentralized exchange (DEX), OMG Network (OMG), an ETH layer-2 scaling solution, and Radicle (RAD), an open-source blockchain network, are flashing bullish signals according to this metric. The mounting losses among traders of these assets are causing a surge in fear, uncertainty, and doubt (FUD), which, based on historical patterns, suggests they could be less risky for position opening or addition.
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